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If there were no copyright law it would be perfectly legal/valid to crack the software so the EULA would not appear and use the software however you wished.
It actually is legal and valid, though perhaps not in the US. Even if the EULA is not shown copyright law still applies. Not seeing copyright clause is not an excuse. And yes, it is fine and legal to crack, hack and modify software you have bought as long as you don't distribute it. If you don't distribute it copyright law doesn't apply to it either. It has already been court-tested several times and proved legal, claiming cracking/hacking software you have legally bought or obtainedd is illegal is misleading and not true.
And no, I am not talking about US laws. Edited 2010-09-12 14:53 UTC