Holy thread resurrection batman! I've also been thinking about 6 stroke engines for a few years now in this manner. Injecting water every other power stroke to turn what used to be called "waste" heat just makes so much sense in so many ways.
As for rethunk's question, when you think of this from an energy perspective, it should be pretty simple to answer what energy you have to play with...
For starters, I got this from Wikipedia (not always the most reliable source, but from what I remember in high school about thermodynamics it sounds reasonably ballpark: "Most steel engines have a thermodynamic limit of 37%. Even when aided with turbochargers and stock efficiency aids, most engines retain an average efficiency of about 18%-20%."
Now consider you start with 100% potential energy in your fuel, so chemical energy. That 100% then gets divided up into three major forms: thermal energy, useful mechanical energy and mechanical energy that constitutes sound and vibration. For the sake of argument, let's say that 10% of all your energy is converted to sound. It's probably less, but let's go with that...
That means that at 20% efficiency in conversion to useful work and 10% losses to sound & vibration, you have about 70% "wasted" as thermal energy AKA heat.
In an engine that produces 100 HP (roughly 75KW) that means that you are converting about (75 KW * (100 / 20)) = 375 KW from chemical energy to get your 100 HP.
We know that about 70% of that ends up as thermal energy, so 75KW * 70% = 263 KW
If you were to perfectly insulate an engine from all thermal losses to the ambient environment (e.g. consider it a closed system) then you are producing 263 KW of power that you would be allowed to recover by turning water into steam.
Now whether you can build some form of water injection system that can allow the water to work its endothermic magic quickly enough will determine whether you have a winner on your hands. If it is possible then clearly you could *substantially* increase the operating efficiency of any heat engine.
Now there will of course be problems with this, namely corrosion issues, the fact that in places where temperatures go below 0 you'll need to find a way to keep water from freezing. There is also the fact that this process will be useless until an engine is warm so for short trips an engine would need to run as a regular 4 stroke.
That said, in the warm-up period you can probably recover a lot of water condensing from combustion and then start using it once you are up to temperature. That is getting down to the nitty gritty of actually building a comercial system though and goes beyond the simple question of "is there really a useful amount of energy there for me to recover?"