I figured out a real easy way to do it using IFOEdit. Basically you have to first decrypt the DVD using DVDShrink (if the disc is larger than the standard 4.7 gig DVD size, it will also shrink it to size)......also, you have to select the option to save it to hard drive so it extracts the files to a folder. Once that is done, open IFOEdit and open each one of the IFO files in the folder. The first line of each IFO file will bring up the main settings and some of those settings have PAL in parenthesis. All you need to do is double click each line that has PAL listed and it will bring up a menu.....just change the PAL setting to NTSC and hit OK. Then save the IFO file in the same folder to overwrite the existing one. After you do that for ALL of the PAL settings, all you need to do now is reburn it back to DVD-R and you're done. Basically what you have now is an NTSC backup of an official PAL DVD......all menus, extras, etc. remain in tact. If this sounds too complicated......buy a PAL DVD player
Of course, you could always watch it on your PC using PowerDVD using DVD Region Killer to kill the region lockout of your DVD ROM.