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Universal player cal play all format like Blu-ray, DVD, Audio CD, SACD, DVD-A etc. Region free is.. well.. region free.
As said above,a player which plays almost all audio/video format is called universal player.
Regions are for DVD(0,1,2...) & BDp(A,B,C).So a disc from different region(say C) may not be played on Reg A player.So player which plays from any region is called Regfree.
The globe is divided in to 6 regions. I guess india falls under region 5. So if your DVD player is region specific say 5, it may not play DVD's purchased from US (Region 1). Region free player means that it can play all the discs purchased around the world. Hope this helps...