We made an application recently that contains a feature to run code snippets from memo fields of table. From this experiense I can say following:
1. There are no way to run such code correctly except putting it into procedure file, compile it and use by 'SET PROCEDURE'. COMPILE command does not require SP3 at the client computer, as far as I know, just make EXE file at the version with SP3.
2. Compiling by 'SET PROCEDURE' in VFP 6 EXE file does not works - shows error 'file MyProcedures.prg does not exist' even when you specify exact path. Looks like VFP search EXE project file information for 'MyProcedures.fxp' instead of compiling of file on disk.
3. You may also run VFP COM object and use 'DoCmd' method to compile PRG in run-time. This REQUIRE SP3 for VFP 6 at client computer, as far as I know.
This way also is quite slow, unless you run VFP COM object at start of application to be ready for calls eny time during application running (that takes some memory).