code. I would argue that would be the worst way to do it.
Look at the hex, make changes. The conept is no different then inserting or replacing a JMP to get around software protection.
But what happens with this program when you want to redistribute the code for a different platform? You wouldn't (easily) be able to convert the binary code back into the original language of the program. Unless im missing something here...
You are always doing something marginal when the boss drops by your desk.