"P-code works by compiling an application into an intermediate code format that is much more compact than 80x86 machine code. At link time, a small engine is built into your application that processes the p-code into native machine code during run time. Although there is an associated reduction in performance due to the extra step of interpretation, some simple techniques can minimize this effect." - msdn
The best tool for this is: WKTVBDebugger @ http://vbdebug.cjb.net
First, what we need to do is open Crackme in the debugger and hit run (under actions).
Now the debugger is running, the application should be running in the background as well. Enter whatever fake password you want and the debugger will break.