Like anything really its worth a try at least once in your life just don't go overdoing it, just treat it as an experience and leave it at that. Anyone with an ounce of self control tends to have a good time with no problems. To avoid bleeding noses, get a shot glass, 1/4 fill with boiling water then add your whatever and stir, then another 1/2 of cold water and down it.
Anyways, this is where its at now, http://en.wikipedia.org/wiki/Alpha-Methyltryptamine