If you change the readonly attribute to disabled, you won't be able to click into the input box and thus won't have a cursor.
Depending on the browser, you may not be able to select the text either though.
I've provided examples of the various input states here: http://jsfiddle.net/hqBsW/1/
Another alternative is you could force a text selection when the user focuses on a given input element. This change in control behavior would more easily clue the user into the fact that input is restricted, and allows them to copy very easily if that is the end use case.
Using jQuery you would write the selection code like this:
$('input[readonly]').focus(function(){
this.select();
});
I've updated the example to show this behavior in action: http://jsfiddle.net/hqBsW/2/