No. Power DVD cares about and forces region protection. Also, it is not free.
You may try Media Player Classic or VLC. But I don't know, where that region protection kicks in, so I'd at least recomment using a non-administrative account on the system (if using XP or W2k).
Using a region free firmware wouldn't be a bad idea, also. That depends on the drive used, so you should check www.rpc1.org