There is no need to be embarrassed; this kind of thing is not common knowledge! At its base level, nitromethane is an organic compound designated by the chemical formula CH3NO2 and is composed of carbon, hydrogen, nitrogen, and oxygen. It is used as an ingredient in explosives, pesticides, coatings, and—as you know—a fuel additive, particularly for motorsports vehicles.
Nitromethane fuel is so sought after because of its high oxygen content. The increased oxygen allows it to burn faster and with less atmospheric oxygen than conventional fuels—meaning you get more power out of it.
It is most suitable for high speed engines and is commonly added to rich air-fuel mixtures—all in all, a perfect combination for motorsports vehicles.
If you plan on racing your vehicle, speak with an insurance professional before you race or make any vehicle modifications. Most insurance companies will not cover an accident caused by racing or pay for racing enhancements.