The VM supports 25 instruction, some of which contain obfuscated opcodes. The VM program is nearly 1000 instructions long. I needed to write a program that drew VM execution using text to get an idea what was going on, and then resigned to making a full disassembler, which isn't perfect, but sufficient. The final algorithm held in the VM consists of xor's and rol's on the serial and output of GetComputerName().
March 25th, 2009 EDIT:
Posted crackme source rascal_n3_vm_src.rar in filedump!
May 11th, 2009 EDIT:
Source moved to ra$cal_vm_n3_src.rar in crackmes!