EULA Cracking

Today I was looking around on Fravia’s excellent site and I came across an interesting page. The true purpose of this page is to describe how to rid the Opera web browser of advertisements. However, the really interesting thing is the idea of cracking the EULA before you agree to it. The writer suggests renaming the “I Agree” button to “No Thanks.” Then, you can click that you don’t agree to the EULA, but are still able to install. Then, theoretically, you are not bound by the agreement, and can reverse engineer the product. I wonder if this would stand up in court, and if it should be considered ethical.