It's a Japanese game, and far as I know the US PS3 wasn't region free with Japanese PS1 games.
As for Paro Wars, ehh, it's good if you liked Cosmic Wars, the Gradius based Famicom strategy game. But personally I like the Parodius games, and have never been too big on strategy RPG's, even if a lot of the series staple humor is in Paro Wars. Personally I like how Twinbee ended, a JRPG.