Don't flub on Alex Wright. Bodom loved that guy.
As I stated in another thread, the costs and logistics of taking a PPV overseas just too far outweigh any potential benefit. However.....I see no reason why they couldn't try doing a Raw or a Smackdown. If WWE were smart about it they could open up international branches/brands and use them like the old regional system used to work.
For example: start with one, like TNA tried doing with Ring Ka King (don't know exactly what happened here). Farm out particular talent to the new "brand", people like Zack Ryder, Mason Ryan, Kassius Ohno, The Miz, Wade Barrett etc - guys that really are just filler at the moment or on the verge of callup. Say it was in Australia, you make someone the "Australian Champion" and have that title recognized by WWE, not necessarily as an international one though. Secure an hourly tv show in Australia, one or two matches from which could be featured on Slam or Main Event or even Raw or SD each week, sort of a "Update from Downunder", like a Raw Rewind.
The benefit of this could be that then we could see someone like Wade Barrett for instance, returning to the main roster after dominating the Australian title scene for a while, he comes back looking strong and he's fresh to audiences who haven't seen him in a while. From my experiences watching wrestling in the "olden days" when guys would move around between the regions, there was always the associated excitement about what they would bring to the table this time and maybe now they'd have the tools to go all the way. You don't get that now. Wrestling is like a caste system now, making it almost impossible to move up once you've been mired down low for so long.
Anyway, if they were gonna do it, that'd be how to. Expensive gamble though - which is why WWE will never do it.