Since I can get decent amount of this:
http://en.wikipedia.org/wiki/Pholcodine

Is there anything useful that home chemist w/o
exotic chemicals(SOCl2,LiAlH4...) and equipment can do with it!?

Morphine would be fine!

Who said I am from USA!?

There must be some reason why they Scheluded it as I!
If you can't get anything fun from it as it is that probably means
it's easy to make something fun out of it,or that DEA is simply full of retards.

Note that you only want to cleave one of the ethers.

Schedule I just means no medical use, there is simply no accepted medical use for it.

AFAIK pholcodine has absolutely fuck all recreational use, perhaps slight sedating effects at high doses, but apparently, next to no euphorigenic potential.

Has anybody actually tried a sodding big dose of the stuff? I have not, but then again even for a cough I never use it, although it has been used at the recommended dose by me, but that is because codeine linctus is OTC here, as are codeine, opium tincture, and morphine based cough syrups, shocking I know, but the UK is generous in that respect so why would I bother with something that is known to be crap, as far as simply necking a bottle or three of the stuff would go?

J.Collis Browne's mixture.

20mg morphine anhydrous B.P per 100ml bottle.

I have had it a good many times, gee's linctus is another one, tincture of opium and not TOO pissweak, dependent on tolerance.

Nice to down a good few shots of codeine linctus, then follow it up once one's relevant CYP-P450 pathways are too busy buggering about with the codeine to go snack on any morphine.

Bah...lucky. I hate tolerance.

Its lovely as the icing on a half gram of dihydrocodeine though, my prescription painkiller for my knee issues, morphine is hard to beat as a recreational opiate, although I  do prefer the full spectrum of poppy tea or gees linctus at an equivalent level.

I think Morphine sucks for recreation and Oxycodone is worlds above it bar none and thats not even getting into the issue of potancy where 30mg of Oxycodone is pretty damn good yet the equivalent of Morphine would hardly get someone a head change.

Anyway unless I overlooked a saturated bond somewhere along the lines there the answer to your question is to use Hydroiodic acid to cleave the ether to yeild Morphine from Pholcodine. Look into reactions that demethylate Eugenol since its the same reaction your looking to perform here. I also have concerns about it cleaving the other ether bridge in morphine but if im not mistaken HI has been used in the past to demethylate Codine so I would not expect to many issues with this reaction.

PS: On second thought I think that there is a good chance that HBr or possibly even H₂SO₄ would work here as the given product would be a phenol there would be no further reaction with the HBr yeilding the brominated product. I have never heard of someone doing such a thing but I would not doubt it one bit.

Painful? yes, I got a shard of glass through my patellar tendon as a kid, and not long after it had started healing, I had my knee stamped on.