I'm also an attorney and the way I see it is this (this isn't legal advice, just my opinion):
If you create an R:TW fakeserver, then you are in violation of the licensing agreement. Big deal. What is the punishment, even if they "catch" you and waste their time coming after you?
They revoke your license to play that copy. Ouch $50.
The key here is that you have paid for a license. If you break the license agreement then you lose the license. No biggie.
The only real exposure that I could see is if you were hosting a large-scale fakeserver and charging people money to use it, or making money from on-site advertising, or otherwise impacting the profits which CA and Activision are entitled to.
You simply aren't going to be hurting CA or Activision if you are playing around with your friends-- there are no "damages" to the companys, and therefore there seems to be no liability on your part. The only punishment would be revocation of the license--in which case you can just purchase a new copy :).
I wouldn't worry about the legalities unless you are planning to try and make money off it, or you are planning on doing something on a scale that could significantly impact the number of MP players using/not-using gamespy's service. Then again, thats me and I don't mind taking small calculated risks.
Again, this is not legal advice as I am not authorized to practice law outside the state of Oregon-- but think about it. What I say makes imminent sense.
Good luck.
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