I need a programmers help

[rabidsnypr]

Does anyone know how to read and or extract the source code of a .elf extension.  The reason is, the .elf files are used for playstation 2 gaming. Loaded with ulauncherElf on soft modded consoles. The guy harrysixtwo has been created custom elf patches for the Socom 2 Online community to make fair game play online using xlink kai(a lan tunneling service). He recently(yesterday) released a new patch that has a auto update feature. I asked him to release the source and he took it as insulting. I just don't trust that kind of thing. How do I know he isn't stealing vital information through packet sniffing or anything else? 

Here a the link to his elf file.
http://update.ps2.host/r0005/

I was looking infomation up on Google and there isn't much I got.