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1.
In movies, it means that in difference to the rated version, this version of the movie was not screened by the MPAA, or similar.

Usually, sexual or violent scenes are cut out in the rated version.
Gee, I love this unrated version of this movie, you can actually see the flesh on that girl!
by zacon December 10, 2005
 
2.
on the front of movies like American pie and movies about college or high school boys trying to lose their virginity or anything like that. Is a code for "there will be a lot of boobs in this movie but no one will think you're a perv if you buy this so it's ok"
Get it UNRATED on DVD! With everything we COULDN'T show in theaters
by JiveTurkeyXcorre February 07, 2010