I have been wanting to do a post on a product called ClearPlay for some time, but my sweet husband beat me to it! Here is the link to his review.
This a DVD player that filters offensive material out of movies and has already survived a lawsuit. Thankfully, the courts decided parents have the right to mute and fast-forward through objectionable material, which is all the player really does. Since the DVD isn't altered, it can be used on rented/borrowed/owned movies.
This has opened up lots of flicks we never could have watched. There are quality problems, which we hope will improve over time. The picture is fine, but the player has a tendency to break! They are great about replacement but not always so good about promptness. Still, the trouble has been worth it for us, and we are happy to support a family-friendly business.