To answer your direct question, yes, the gods do have supreme abilities on the site. We can modify any code, read the database, and even log in to the raw database and the live servers.
However, to become a god, you have to be witty, intelligent, trustworthy, generally above reproach, and possessing a great deal of knowledge as to how the entire system works, as well as institutional knowledge about how the site has evolved.
Of all of the people who meet these criteria, I'm not aware of a single one who cares about XP, the occasional downvote, or even a few off-topic nodes here and there.
If you abuse the system, though, there may indeed be repurcussions. To my knowledge, this has never been necessary. (I do know that several respected monks -- who are not necessarily gods -- will find it extremely distasteful that you use multiple accounts.)
If you read and follow the Perl Monks FAQ, you'll have no trouble.
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