uh ktks....

yeah you can mod the machine to play our games.
but regardless of whether your intentions are good or not to use modded consoles just for imported games,microsoft will ban your xbox from xbox live.

so basically,you can go ahead and buy an aussie console guys.just remember to check your region compatibility when you buy games(off the top of my head,call of duty 4 and guitar hero 3) if jack sparrow doesn't fiddle with your machine if you want to play online.

also if you plan on buying it overseas,you may want to check the voltage.
we are like 240v i think and if its like 110v,you need a transformer.if its 240v with a different shape plug,you need some adapter thing i think.