No such thing. But there are dvd players like from RCA that filters content deemed objectionable that coming out into market. ie. RCA
clearplay DVD Filter. Another one is retail chain that edits movie to remove offensive bits called
cleanflicksObviously, the best way is to filter objectionable material at its source by using Internet filtering and blocking software. All movies have ratings/warning for violence, nudity, mature content etc. so if movie deemed potentially offensive... DON"T SEE IT!
Otherwise, like CHP says... you will have to edit the offensive material out of the movie yourself, but will be quite time consuming.