Can you use parts of the Unique Unreal Engine Source as a Third Party Library?

This might sound like a really weird question. But is it possible and if so, what are the licensing restrictions for using a portion of the Unique (Epic Owned only) Unreal Engine Source code as a third party library or tool in a completely separate project?

I’ve been looking for something similar to the HLSLCC, and it seems that the Unreal Engine is the only one with a completed solution that is not completely embedded into the engine.

It’s permitted, but it makes the resulting product a Product under the EULA, the same as if you had only used Unreal.