Perlapp 'encrypts' the perl source code. The output is wrapped into a standard win32 PE (portable executable) with the necessary binary extras (ie perl) and can be disassmbled with simple tools. See Security, is it to much to ask? for details on extracting the original data. Note that the trivial XOR encryption against the string 'Copyright © 2000 ActiveState Tool Corp.' has not been used for some time and it is now harder to extract the original source. How much harder? You will just have to RTFB but as MeowChow pointed out it is/must be extractable.