No you can't. The actual lines are:
mIRC may only be distributed as the original distribution install file as distributed by mIRC Co. Ltd. The mIRC distribution install file may not be distributed as a part of any package, and may not have files added to it or removed from it, and none of its contents may be modified, decompiled, or reverse engineered.
While the IMPLICATION is that the ban on reverse engineering only applies to distributed copies, this is not explicitly stated, and therefore reverse engineering is prohibited under any circumstances. The sentence will always be taken as meaning "None of the contents of the mIRC distribution install file may be modified, decompiled or reverse engineered".
It is important to understand that paragraphing makes no difference to legal interpretation unless there is specific reference in a contract to how paragraphs should be treated.
Who used to spend too much time writing contracts.