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Another strat would involve an online computer and an offline computer using one for refund and another for playing. Again I havn't tested this, it's all in theory. VALVE is not stupid and you will probably get your account bannd if you try any of this funny business, imagine you they see you get a refund with 1 hour go back online and then have 25 hours. There are plenty of other exploits, I have personally bought 500 games on another account so at this point it would be to late for me to this and why would I when it ♥♥♥♥♥ over the devs and the gaming comunity. I want more great games and the only way they will keep making them is if I support them with my wallet.
Most often this is cited when someone requests too many refunds, but I do not doubt that this would also count as abuse and would result in losing your ability to request refunds.
I suppose it would be possible to buy a game, download it, keep your system from connecting to the internet, request a refund through another system, and then play the full game on your offline computer... HOWEVER when you go back online and the Steam client updates your play time then you're in big trouble and will be called out on abusing the refund system.
Overall it's a really bad idea and not something that should be tried because calling it "abuse of the refund system" is the least they could do. It could really be called a fraud case.
There is a smart way of going about it, and I'm just scratching the surface here. Let me add here that the refund system is not a priviledge but an actual right at least in the EU. The reason they implemented was because the EU courts were threatning Steam for using loopholes in leglisation and Valve/Steam gave in. I am in the EU thereby I'm not sure if they can just remove my right to refund even if I was refunding like crazy. In the US however, it may be seen reprimanded but in Europe I'm protected. Even if it were an issue I could just use different accounts. Again a lot of effort for something that can be pirated online. People who want free games pirate through pirate tor not Steam loopholes.