You may dissassemble it to look, if you wish... but you must put it back *exactly* the way it was. It's a prototype, and should not be altered.

On the other hand, if you wish to build something in a similar vein yourself, you certainly may. Catseye insists she wants a MiniSquid to chase, and it would certainly make swimming in the lake in summer that bit more exciting. (Of course, I don't have quite the same resources, materials-wise, that Wilbur does, but if you ask him nicely, I'm sure he'd let you have one or two of the more esoteric parts)