Set location country based on coordinates Is there a way to have Location pick the appropriate country based on the latitude/longitude entered when the node is saved?
I believe Location has the ability to be added with a CCK field. The coords can then be converted into a long address. From there you should be able to pull out the country. 

If you want to get even fancier you can use OpenLayers to show the location on a map. Does that answer your question?