It may be legal...in some places, but I thing the bigger question is, is it ethical?

Totally agree on the ethical side.
I was asking about the legal side though...

"...in some places" - is it piracy down under? or in Europe?

More to the point is this a good use of your time?

An hour or two tracing, digitizing and cleaning up an outline, vs. $25 for a font that will last forever and has better outlines and default spacing than your effort.

Hmmm...I feel like it's not since if it's offered. Fonts are everywhere, and it's hard to trace the copyrighting of them.

No, this is what piracy is.

It’s not piracy. And if you’re a student or just plain broke it’s acceptable. But as Simon noted, this is not going to save you any money if you’re doing commercial work.

Thanks for all the answers people...

Daniels, The font in question is an Arabic font, and due to, ahem, supply-demand issues,
it costs 250 Euros (for 1 weight, the whole set costs close to 800 Euros, I only need 4 characters)

Khaled, Thanks ), i've been there and i was just questioning this particular action,
I know very well what piracy is, just got stuck with this one...

DTF, Thanks for that pat on the back )

Why don't you just email the foundry about it?
Maybe they can sent you just the word you need, converted to outlines.