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I might be missing something here, but that demo didn't actually show a free NOD32 license key being generated, did it?

I think it did - if we're talking about the youtube video.

What he's doing:

- Show the registration form and the error that you get when your serial is wrong

- Intercept that request, (replay it a couple times to - idk - show what that tool is/does?) change the serial to the ' OR "' value

- Refresh his Outlook.com account, showing a fresh "Thanks a lot, registration accepted, these are your credentials" mail

Ah, OK - so the username/password sent via email is what you use to actually activate NOD32? No serial required?

Last I used NOD32 (~2 years ago), a username and password were required to activate as well as download updates.