Free is tough. Sony's licensing options insist they get paid for the files to be played too.
CyberLink PowerDVD is what I use but its paid software.
Other option is to rip and convert into .mkv format.
I believe XMBC has a plugin for playing Blu-ray content I don't use XMBC. Perhaps those using XMBC on this forum will chip in if that's true.
For making region free... I use AnyDVD HD but have not come across anything for free that worked 100%.