While I'm unaware of how far research has gone into actually developing it as a fuel source, it possesses the means to do so. It's also pretty volatile so there would have to be a lot of work done on safety, but there's nothing that rules it out as being a fuel source.
I do not believe that liquid nitrogen would be an ideal automotive fuel. Gasoline is, unfortunately, cheaper to process and deliver than liquid nitrogen would be. Liquid nitrogen is much more costly to produce, and hauling and storing it pose many dangers. I believe overall that liquid nitrogen is not a viable fuel option.