From my understanding, that is correct; unless somehow the software has some kind of block in it. That shouldn't be a problem, though; just get another software for your computer.
The thing I am not sure about, though I guess it should be part of the software, is NTSC to PAL conversion, and Vice-Versa, with the software.
If you have a DVD player, you can go to http://videohelp.com
where they have a database of hacks for DVD players; many of them are just codes that you can enter from the remote to unlock it (sets it to region 0). Of course, you would need a DVD player that can play NTSC and PAL discs.
The prices have come down on all region DVD players and I have seen them for less than $50 USD. Many Philips DVD player models can convert between NTSC and Pal, can be set to region 0 with just a code entered from the remote, and are relatively cheap for what they offer; for that matter, relatively cheap compared to many DVD players that don't offer much.