My apologies if this is too detailed/elementary, just trying to point out some stuff that would be helpful to anyone interested in nitrous.
Combustion is air + fuel. More air + more fuel = more power. Superchargers and Turbochargers use hardware to compress the intake charge, and Nitrous Oxide is just dense air in liquid form. There is no such thing as a perfect air to fuel ratio that is universal for all motors/mods, but in general 11:1 to 12:1 is where you want to be for safe power. Having a higher A:F ratio (aka running lean) does create more power, but it also generates more heat and this is where things get crazy. If your cylinder temperature gets too hot, it can cause the fuel in the cylinder to ignite prematurely (aka detonation), which can quickly cause damage because your valvetrain won't be properly aligned for combustion. This is the main reason why people use colder plugs and high-octane fuel with power adders, they're harder to burn which in turn gives you more control over the combustion cycle.
With a "dry" N2O kit, all you're doing is adding more air, which can lean out the engine. A lean condition will run strong, but is very susceptible to damage. Dry N2O kits assume that your A:F ratio is being controlled by a computer system or other hardware. Running a dry kit without A:F monitoring or outside fuel injection is probably the quickest way to damage your motor.
With a "wet" N2O kit, fuel is mixed with the liquid N2O and injected together into the cylinders. The use of varying sizes of brass "jets" gives you manual control over the quantity of N2O and fuel being added to the cylinders, which in turn gives you control over the A:F ratio for safer operation.
Your Venom 1000 kit is a dry N2O kit, but monitors the A:F ratio of the exhaust stream via an O2 sensor to try and provide some sort of failsafe. If the A:F ratio gets too high, it will taper or shut off the amount of N2O until readings return to a safe level. As far as I can tell it does not add or control the rate of fuel, which makes it an inferior system to wet kits for Dodge trucks.