you do NOT need an "extra IP to your subdomain" - please be sure when you post. I only say this as people come to forums like this hoping to get accurate advice.
with just a regular (non-reseller) CPanel account:
1) create the subdomain
2) go to 'email', to create an account
2a) from the drop-down menu choose the subdomain and create the new address.
Yes if you give them a email account on any domain even a subdomain they can spam, most shared hosting providers have limits in place so you cannot send out more than say 50 emails in a 1 hour period. If you are giving email accounts to people you don't know, then in my opinion you are asking for trouble, make sure you protect your self and your account or your IP will get blacklisted.
I don't think that they can send emails from the subdomain that you provide to them, unless you also provide them with the ability to do so (provide them with an email account)...
forgive me if i misunderstand the issue/question at hand...
if you give them a subdomain on a linux box, with no email addresses they cannot send from the mail server. but if you are giving them access to the hosted files directory(public_html), check you php configuration because they may be able to send with php if it defaults to the mail server without credentials. using the mail() function.
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