These days it's much easier to import a game from a different territory and get it to work without modifying hardware or using dodgy third-party add-ons.
Sony's open-border policy make its systems the most import-friendly, while Microsoft seems to take a case-by-case approach to region locking (we're still waiting for Persona 4 Arena).
However, if you've got your heart set on an obscure Japanese title for your 3DS, Wii or Wii U, you're going to have it broken as Nintendo still region locks its games and systems.
Region locking sucks, but there's a good reason for it. In fact, there's quite a few.
Activision's community manager Dan Amrich, also known as 'OneOfSwords', has taken to YouTube to explain the business and complicated license agreements that influence the decision to region lock certain games.