If you really want your code to be unreadable just take some pointers from the Obfuscated Code section here ;)

Really though as alrady mentioned you won't get any security for you code through this method, nor with any other "encoding" scheme, if for whatever reason you need the source to hidden look into compilers available from activestate or Indigo Perl, beyond that it really depends on why you are trying to prevent from seeing the souce an why

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Edit(03/14/2003 18:00 EST): Fixed typos and word switch so this closer to english

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