No you cannot.
And apparently now Valve locked gifts even if they were bought before the big region lock incident
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Nothing as far as I know, as long as it's not activated with VPN
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You are right. Its a new change on Steam that Regiolocked gifts marked red on your inventory. Got this myself on some Dead Island Epidemic Gifts and a ibb&obb Gift. This all were already locked but now its shown wich region.
Its a great change because you can see if someone trys to trade a Locked Game.
Unfortunatly you still cant change a Region lock.
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Source or never happened ... you don't actually believe that its risky do you lol?
They wouldn't do shit anyway - brand you as a bitch? Lol thats not possible, more likely if at all (which hasn't occurred either) is:
they lock your game to the designated region or in worst case lock it to be unplayable or remove it - and i don't know of any cases.
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Not sure and i haven't tried, but some friend told me this (if someone could confirm that would be nice):
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I found a region locked game (red exclamation mark) in my Steam inventory yesterday, but it wasn't that before. I got it long time ago, so what happend now? Any information would be great about this. Thank you.
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