YES a PROPERLY softmodded Wii can play games of ALL region in any video format.
I suggest using modmii by XFlak to get the files asn guidance to softmod your Wii.
For gamecube games use Nintendont instead of DiosMios.
I use USB loader GX as it's hassle free, Fully loaded, and looks awesome.
A big plus is that all avaiable options and settings canbe done, from it's "nintendo-ish" gui.
Get a Component cable for your Wii!
Make sure your TV support component inputs.
This will give your the best possible image for your wii and will enable you to display games from ALL regions in 480I or 480p.
also resolutions of 240p are supported if your tv can handle them ( megaman x collection and various hamebrew emulators ).
Contrary to what some trolls told you in this thread, Component , gives you a FAR better image that S-video or RGB on an lcd tv.
Also, there are many, many manufactures of these cables but get the OFFICIAL nintendo ones if you can!
Do not purchase a Wii 2 HDMI or similar! You will end up with horrible artifacting due tot he cheap upscalers used in these Component to HDMI converters.
Just let your TV handle any upscaling.
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Correct, get official component cables if your tv supports it.