It's all about the hardware

F3 Overview
Technical
Modifications
Game List

Wire Shop

Hyper64
ST-V
MVS

Modifying the F3 for all regions

The F3 system is keyed for different regions. Unfortunately, the keying is physical, and not done through a BIOS.

This is a closeup of one of the keys. (Note the small red square) There are two small blocks on each of the four connectors that correspond to the carts. The blocks are in different places for Japan, America, and Europe. I have been told that there is a region for Asia as well. See the cart pictures below.
By removing the blocks on each connector, you can then play any of the games from other regions. You have to be careful not to break off any of the pins, as I believe this would make the game inoperable.