Alter game files at your own risk and always make backups!Go to C:\Users\(your user name)\AppData\Roaming\runic games\torchlight\settings.txt and look for this line:

console: 0

Change it to:

console: 1

Save and start the game. While playing, press CTRL + Shift + [the third button left of you Return (ENTER) button]. This brings up the console for cheats. Type GOD for God Mode.