Nitrous oxide is a hypnotic?

Inspired by this thread that I did not want to hijack http://boards.straightdope.com/sdmb/showthread.php?t=304832

Bolding Mine.

I was wondering about this because my wife hates going to the dentist. Is it possible that my wife could listen to a “book on tape” that is telling her that she is on a beach sunning herself in great detail like feeling the warmth of the sun on her skin and actually believe that is what is happening instead of having her teeth being drilled? Or could something more sinister happen where the dentist convinces her to get a $5000 teeth cleaning?

I mean could Nitrous oxide, used legally of course, be used to “hypnotize” somone into thinking that they are not where they really are? Or is this something that might only work when they are under the effects of the nitrous and disappear as soon as the nitrous is removed?

Hypnotics are the category of drugs that induce sleep.

(Warning: Anecdote which does not neccesarily contain fact, only speculation)

Nitrous oxide doesn’t neccesarily help kill the pain. I can still feel the dentist drilling away at my teeth, I just honestly don’t really care. The pain is far away to me, and I can ignore it easily. Also, it doesn’t really make me that sleepy either. I feel giddy and far away. Also, I can’t laugh. I just smile really wide.
I remember when I got my wisdom teeth out, the surgeon gave me the gas and then started telling me the corniest jokes. “Why’d the skeleton cross the road?” and such. But then he pricked me with a needle to give me more drugs (he REALLY did a good job anesthetizing me), and all I remember is having some very strange dreams, indeed. <Rest of this post cut due to tangential information not relavent to nitrous oxide.>