"hacking" aka reverse engineering a DATA file is quite legal.
indeed it is not possible to make a data file format copyright.
the metastock data file formats are derived from the computrac system that was popular in the mid 80s onwards. the format itself has been modified over the years to support more securities, composites securities and intraday time frames but remains mostly the same.
it has been tested several times in court (autodesk autocad file format, compaq and phoenix reverse engeering of the ibm bios format to create ibm compatible pcs, amd's reverse engineering of intel microcode to create intel compatible cpus, samba's reverse engineering of the windows networked file system, allowing non-windows pcs to connect to windows networks and vice versa, trillian's reverse engineering of the instant message message format of msn/aim/yahoo messenger/icq, etc.)
indeed this file format has been openly discussed since (at least) 1992:
http://groups.google.com.au/group/misc.invest/browse_thread/thread/6ca4a946b54aac60/49d6980d86353f6e?lnk=st&q=computrac+file+format&rnum=193&hl=en#49d6980d86353f6e
the links that come up on:
http://www.google.com/search?source=ig&hl=en&q=metastock+file+format&btnG=Google+Search
also show several documents that contain the data format.
many other charting packages (eg. tradestation, amibroker, market analyst) and data vendors out there (eg. CSI data, Just Data, End Of Day, Quotes Plus (QP3) etc.) have implemented the metastock data format without using the metastock libraries so on the above basis
perhaps equis could confirm their understanding of the legalities of reading the metastock data format here.
jb