Great link Kein. I'll have to add that info to the wiki.
On a side note, its your legal right in the US to cheat in games. QFT: Game Genie legal case
Its not the only example as the US has always supported the position of the user to experience the product in the manner of his or her choosing; so long as this does not interfere with the rights of others to do the same. So, no you cannot use this to support cheating in multiplayer... for this an many other legal (and moral) reasons.
Personally, I support the right of gamers to cheat in single player. The only person being cheated out of his or her experience is the cheater.