To activate the cheats you need to press "I" and then type in "RATTY" and then enter. Then this cheats will work.
ALT+F2 - Increases your magic.
ALT+F3 - Kills the other players.
ALT+F4 - Distroys the castles.
ALT+F5 - Pops the balloons.
ALT+F6 - Full health.
ALT+F7 - Kills everything.
SHIFT+C - Bring you back to start.