In theory, the water injection thing seems like it would work as water has a high heat capacity, so it would work similar to an air to water intercooler (using the heat capacity of water to draw heat out of the compressed air from the turbo). The only thing is you would have to manage how much...addition of too much water would cause misfires in the engine and possible corrosion of engine parts (considering in the combustion cycle, the water would get vaporized to steam which would help rust parts of the cylinder out). In addition to that, water is a byproduct of all hydrocarbon reactions. I would think if that is the case, then you'd have to make sure that the engine is strong enough to withstand the extra vapor pressure of the steam created in combustion if your add water injection + the added pressure of compressed air fuel mixture exploding in combustion cycle.
Considering everything, I think it would just be easier to get an intercooler
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