By the commonly held definition of open, in the context of "open source", it is not open.
> You can view, use and modify the code to your hearts content.
The non-commercial clause of their license specifically prohibits commercial use, so we cannot use this source, and presumably the data that the source uses, to our hearts content.
The OSI has a definition of open source that clearly states commercial use is required [0].
Wikipedias entry on Open Source Licensing also stipulates that commercial re-use is required [1].
There is a term called "source available" which is more in line with your intent.