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Then remove crap and fluff... i.e. with about 10-20 minuts you make it into a great site. THEN you look at the underlying structure and SEO techniques.
Just remember to keep it to learning and not plagiarising.
I usually do that when I redo old sites nad don't remember what the heck I wrote there ;)
SN
From the code you can see (or should see if it isn't cloaked) what the spiders/users are seeing.
From the source you can tell how the title tag is formatted.
From the source you can see how the meta content is formed.
From the source you can see if css is being used to position content off the page.
From the source you can see spammy hidden text, etc.
From the source you can see how the content is formatted i.e. h1,h2,h3 and keyword anchor text.
From the source you can tell so much more.
Sometimes a cloaked page may show up in Google's cache. Changing your user agent might also penetrate inexpert cloaking. For a well-done, IP-based cloaking job, though, reporting them to the appropriate SE may be easier way to clear them out of the top slots.
I guess just a fancy version of telnet ;)
SN.