Yes, it has happened! The source code to Xara Xtreme LX is now available for you to download and build!
http://www.xaraxtreme.org/
http://www.xaraxtreme.org/developers/sourcecode.html

Please read the "license and contributing" page if you intend to submit changes to the project.
http://www.xaraxtreme.org/developers/contributing.html

We're looking forward to receiving contributions to help implement more of Xtreme's functionality in LX.

Phil Martin