Using compressed air would work...but two major issues. One is flow. The CFM needed would require some major piping sizes. 2nd would be capacity the volume of air would require some major tanks. NOS is a liquid and the amount of oxygen per volume is a bunch higher than straight air. So there is no real advantage to use bottled compressed air. For compressed air use a infinite air bottle AKA supercharger or turbo.
As for liquid O2. The germans tried it in WW2. If you attempted it please record the attempt because the resulting explosion would be awesome.
