The PS3 is region-free for games (as in, you can play games bought from a different region), but not for DVDs and Blu-Rays.
Some DVDs will work cross-region, but the majority won't. For Blu-Ray, there are sites on the internet that will track blu-rays and their compatibility to other regions.

One site is http://www.thedvdforums.com/blu-ray/Region_A_Coding_22_December_2008.htm, but as you can see, that only runs to end 2008.
http://regionfreemovies.com/ is updated regularly with newly released movies.

I am not sure a similar list is available for DVD, but you can of course still use your old xbox for that, or buy a cheap region free DVD player (which cost next-to-nothing).

I hope this helps you our with your choice.

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