Cobra is open source under the MIT license which is friendly to both commercial and non-commercial projects. You will find a License.text in the source distribution (and a "read me", of course).
Many people are running Cobra out of the source code repository so they can use the latest features. This is generally safe and stable due to the automated test suite. It also helps the project when the community provides feedback before releases.
There is an easy-to-use installer included in the source code so you don't have to do much to get up and running. See the How To Install From Source wiki page for instructions.
If you have any problems at all, please post to the Discussion Forum and we'll help you out.