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If B&N check only for the IP then the solution you mentioned should work for registration. However, you might also need to do the same thing, by tricking the IP, when you buy an ebook as well.
Since B&N web site stated very clear that Nook is not for sales outside the US. So there will be some checking machanism during buying an ebook as well. Or another way is order an ebook over the web instead but to download to your nook you might have to follow the same way.
For the setup steps, let wait for some expert.
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