I really doubt there is much more than, as you say, some RAM to hold the readings and a small microcontroller (PIC) chip to manage the connection (UART etc.). In fact, something like the PIC16F87x has built-in memory. I've seen similar devices in other apps. I think if one was willing to probe around the pins in the back, there is a simple live datastream and power (likely what, 3,4 lines in total??) connection. I would think it is hackable. Of course there would be no storage of the readings so you would lose data if it did not work. Heck, Davis publishes the data stream parms. But for a hundred bucks I'm not sure it is worth it.