It communicates via RS232. It tells the baud rate and serial setup (8 bits, no parity, 1 stop bit). You could connect this directly to a PC and read the data on a serial monitor/terminal. You can even send it requests for data.
Me, I'd put an opto-isolator in the serial line but that's just me.
With an Arduino, some kind of display, a button or two, wiring (and connectors as necessary/desired), resistors, opto, perhaps a small PCB, 12V battery (and casing/box as desired) you can make a nice portable speed gun.
Given that it takes 12V for power, it's likely that you'll need something to convert the signals to the 5V levels your arduino will need. A MAX232 chip is often used for this purpose.
While reading/writing to the radar will be pretty simple you'll need documentation on the protocol that the radar speaks in order to do anything with it. Without that you'll have to sit down and decode it yourself ... and that won't be fun. Well, not fun to most people. I'd send an email to the people at http://decaturelectronics.com/ and ask for protocol details.
How much did you pay for that unit? Looks like it would have been nice for one of my own projects.