Ive coded in VB6, VB.NET, JAVA and touched on other languages. I am happy to dedicate some of my time to help you guys work on this project. I do know a person who is one of the smartest person when it comes to maths. I will show them our findings and our keys. See what they believe might be a pattern in the way the keys are generated.
I am 99% sure no one will ever get the formula that valve uses, unless valve comes and posts it for us (fingers crossed) but, we can, as wheat stated, attempt to make a program which will connect with steam and veryify the CDKeys at a much faster rate then anyone else can...Some programs i am aware they hide the algorithm in the registry but sadly i dont think steam works like that