I have a situation in which User X currently supports both Latin America and our south region . Is there any way to have two separate opportunity views, one for each region. If that is not possible, would it be possible to create a second SFDC account for X to use for his LATAM opportunities?
You can implement this using a Custom Field and custom List Views
If your region is defined at the Opportunity level: you would add a field to the Opportunity object which contained your regions, and then on the Opportunity object you can create a new View and filter by the values which you want to see in the view.
The screenshot below contains an example of creating a new view to show Opportunities with a Region of 'LATAM'.
If the Region is defined on the parent Account, you would create a cross-object formula field on the Opportunity, let's say
Account_Region__c which has a value of
Account.Region__c as suggested by @crop1645 above, and then your List View filter on the
Opportunity object would compare against the value of this
Account_Region__c formula field.