@anaerin I discarded this hypothesis because both nitrogen and oxygen liquefy at extremely low temperatures.
While I know that pressure can move the critical point, I know that air in scuba diving tanks doesn't liquefy even at 200 bar.
So... is the pressure in that air can much higher? Or perhaps the liquid part is another gas?
If some people like to inhale these cans, perhaps they contain ether or other organic compounds that give euphoria?