Nirth: People in countries like Japan or China, can't you guys use a VPN? I know it's annoying that you have to but at least it's an option. I'm not sure any free ones would work as they are usually slow as hell and probably block many ports that is usually hogged by bandwidth intensive tasks such as P2P or perhaps HD streaming.
You could try Hotspot Shield, it's one of the fastest with a US IP (and they have another service with a UK IP).
You can, but you'd be violating the ToS and as such you'd be risking losing your entire collection of Steam games.
I don't buy from Steam any more and I don't have a huge catalog there. I think I have at least 5 or 6 games here for every one game I have on Steam.
But yeah, if you're using a VPN like that you're risking having your entire account taken away if they find out.