Look at this page:
hxxp://www.anticrack.de/daemon/
It should take several years, to read (and understand the half) of all that anti-stuff posted there.
So let's try it otherwise:
What is the typical way, to run a SD2-file with SoftICE loaded? (to locate that single problem...)
Anybody knows exactly, how to prevent W32dasm from crushing? If the exe is still shrinked, you see only nothing or shitish code - but why how to prevent from crashing down?
