Is there a way to compile (obfuscate might work too) Corona specific lua code? This would be really useful in cases of selling source code or similar.

No, it is not possible for us users.

I put in a feature request for encrypted modules. That would allow people to create library files and sell them without giving away the actual source code. As long as you can tell whether code is running on the simulator or a device you could even make trial versions really easily.

But that's up to Ansca to decide whether to implement.

Jay