A theory of sonoluminescence (SL) proposed asserts bubbles collapse in a pancake shape almost isothermally at constant volume. SL induced hot fusion at ~10⁷°C is most likely impossible. By the proposed theory, the bubbles are treated as miniature IRasers with the dimension between pancake faces equal to the half wavelength of the standing wave in resonance with the IRaser cavity dimensions. Before collapse, the IRasers are filled with 5~10eV of IR radiation from the Planck energy in the ambient surroundings. During collapse, the IR radiation is trapped within the IRaser by the high IR reflectivity of the bubble wall water molecules. As the IRaser cavity dimension decreases, the cavity resonant frequency increases. The bubble wall molecules undergo a continuous population inversion by always being pumped to higher energy states that favor stimulated emission instead of absorption. IRaser resonant intensification produces 5~10 MeV, i.e., ~10⁶UV photons with 5~10 eV. On average, SL induced cold fusion does not occur although a few X-ray photons are produced. If the IR thermal energy before collapse is enhanced to a total energy of 10 keV, say by exciting the vibration modes of the water molecules at 2.73 µm with a HF laser, collapse produces an average X-ray energy of about 10 keV. Unlike hot fusion, SL induced cold fusion is not impossible.