As the question suggests I know we can't override the Home key event but if you look into the emulator of android 2.2 you will see an application Car Home it has overridden most of the keys like Home, end call.
Now, the point is how have they done it? I tried to peep into the source code of the app but to my surprise its not available or I am unable to find it, but I don't think later is the case.