<p>I mean, I always was wondered about how the hell somebody can develop algorithms to break/cheat the constraints of legal use in many shareware programs out there.</p>

<p>Just for curiosity.</p>

The bad guys search for the key-check code using a disassembler. This is relative easy if you know how to do this.
Afterwards you translate the key-checking code to C or another language (this step is optional). Reversing the process of key-checking gives you a key-generator.
If you know assembler it takes roughly a weekend to learn how to do this. I've done it just some years ago (never released anything though. It was just research for my game-development job. To write a hard to crack key you have to understand how people approach cracking).