Thanks for the replys!! Here is what I have found out and I thinks if fairly accurate (Correct me otherwise):
First, YES you can buy a DVD player in North America that can play BOTH PAL and NTSC DVDs. It should say so on somewhere on the box. Most new players can play both. Actually they are quite inexpensive these days (Less then $100). If you plug this to your "Newer" TV, it should work. "Older" TVs may NOT work even if you have a PAL/NTSC player (it will not be able to read the signal from the player).
All DVDs have information on the box/cover. What you need to look for are 2 things the PAL or NTSC designation AND the zone, 1, 2 etc. "Some" films are "ZONE 0" or "ALL" (like most adult features) But you still need to resolve the PAL or NTSC problem.
BTW, North America is Zone 1, Europe is Zone 2. Check out the following for further zones:
http://www.geocities.com/Hollywood/Academy/6586/fac_f_07.html