To enable cheat working press and keys simultaneously. Then type the cheat you want to make working. Cheats works correct with default keyboard controls only and only at sea.

HAVE LIFE - completely repair you ship, supplement it with crew and restore all sails (only if you have enough sail-cloth).
GET ME MAGIC - Increase the damage of your rounds 100 times.
NOW I FLYING - Release camera from your ship (pressing Ctrl + F during camera being outboard in sea)
FIRE FROM CAMERA - This cheat allows you to fire from camera by pressing NumPad "0". (Numlock must be on)
TELEPORT - allows the teleportation of your ship onto camera position by pressing CTRL +L.
MAKE SCREEN SHOTS - Rounds doesn't do any damage.
EXPU MNE - A huge amount of experience.
DENEG DAY - Gives you a lot of money