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Would it be practical to "steer" a space craft with the release of compressed air?
Not the most practical, but possible.
This uses Newton's third law of motion: every action has an equal and oposite reaction. Using a push of air out the back or side of the rocket, you could get the craft to move in the oposite direction.
This is the same concept as thrusters. However, to be efficient, you need more than just compressed air. On the space shuttle, for example, they used ion thrusters.