If you want to use a debugger to grab packets, you'd be better off coding your own debugger. If you trace back/forward from the WS2_32.recv/send function, you'll find the place where the packet is stored post/pre encryption. The Send/RecvPacket function is something like
Code:
int SendPacket(PacketAddress, PacketLength)
So what you want to do is place a breakpoint at the Send/RecvPacket function and read its parameters: [esp+4], [esp+8] to read the packets
Finding out what the packets do is all about using your brain and logic. Breaking down packets in smaller parts and finding out what each part does is the easiest approach imo. If not,

is probably a good place to look, even though his packet wiki is more up-to-date, I'm pretty sure CO has used similar packet structures ever since CO 1.0