Basically what N2O does is add extra oxygen to the air going in, nitrous systems also add fuel to go with that air otherwise the engine would run incredibly lean. RPM limations aren't as much based on the fuel as much as mechanical durability. The valve train can only go so fast until the valves can't keep up with the lobes. The pistons can only be accellerated so fast until the rods, bearings, or the pistons themselves can't take it. Pumps can only be spun so fast and then they will cavitate. Crankshafts can only be used to put so much force on a connecting rod and then they too can break. The fastest piston engine in an automative application is rumored to be the Ferarri formula one engine that is rumored to be able to hit 20,000RPM. Correct me if I'm wrong, but even the ultimate drag racing power plant, the 8000HP top fuel engines, only spin about 7500RPM. The only engines that I know of that hit 40k are turbine and electric.
Summary:
Nitrous and RPM are not related.