Yep, its called a proxy. You use a free or a pay service to get your proxy address ( I dont really know where to get free ones anymore, there are tons of sites for that, pay ones from OpenWeb, R60 p/m) and then you put that into any P2P app or whatever needs to be unshaped and supports using a proxy server.
I'm not sure about online gaming, it seems to run okay, and is mostly affected by your signal and connection quality. From what people on ADSL say, it would seem shaping does affect gaming, im not sure if it really does on iBurst.
Shaped ports are supposed to only run at 64kb, yet with games like BF2 or a high bandwidth FPS, you can play much better before you are capped so I would assume there is no capping, otherwise it would be the same as after cap.