The National Institutes of Health says it is could be reasonably be anticipated to be a human carcinogen, but not sure it is a carcinogen due to its high oxygen content. The testing is inconclusive. Also remember that Nitromethane is not used as a 100% mixture or blend. By the way, that also make radio controlled airplane modelers bad guys when they run their Nitro mix in their model engines.
http://ntp-server.niehs.nih.gov/ntp/...RG2RevSumm.pdf
My solution is to just drink beer to cancel out the effect:
http://www.theregister.co.uk/2005/0..._fights_cancer/