Jimmy wrote:I've heard that heat tape is often misused and is wrapped around the part which is producing heat. Apparantly (i wouldn't actually know because i've never used the stuff) it's meant to be applied to objects which you want to keep cool. I think it was something to do with creating heat spots on the extractors. Is there any truth behind this logic

Heat "wrap" usually refers to high-heat resistant material which you wrap around hot objects to contain heat, eg. header wrap, turbo beanie.
Heat "tape" usually refers to something that has a reflective side and a sticky side. This you wrap, or stick-on, things like air boxes, firewall, alternators to insulate the component and reflect heat away from it.
I'll let someone else explain the theory behind wrapping-up exhaust tubes.