hedwards: True, but at least it's not hurting. Anybody that downloads a crack for a game they bought may as well just pirate it. The legal consequences are more or less the same and the industry seems to go more on number of cracks downloaded than anything else.
StingingVelvet: 1) The legal ramifications are not the same, as endless court cases show that EULA-breaking for personal backup reasons is not a clear cut case.
2) The moral implications are MUCH different.
I use cracks all the time but I NEVER advocate piracy. If you refuse to buy the game then you never play the game, end of story.
That's not presently true, there isn't a clear indication that the anti-circumvention rules don't apply. There's an implication that if you're doing it because the DRM adversely effects you in the near future, but it hasn't been litigated particularly well, and so far it doesn't appear reliably so.
Moreover trying to defend yourself against charges if somebody decides to sue is likely to cost a similar amount of money to what it would cost if you were pirating a single game.
For better or for worse, you're not legally any better off cracking a purchased copy than a pirated copy. They can still sue and they can still win the suit. You might get the award knocked down to the minimum, but even then you're still talking about a substantial amount of money.
If you don't believe me, read section 1201 out of the DMCA, there are no clear exemptions for cracking software that one owns for personal use. And at present the courts aren't interpreting it the way that you are.