What does NC-17 Fully Exposed Edition mean?

Answer 1

It means that this edition of the movie is uncensored.

Movie studios often demand that directors censor their movies down from an NC-17 to an R rating, or from an R rating to a PG-13 rating. The purpose of this is to sell more movie tickets. While a person under 17 can see an R rated movie in theatres, as long as a parent or guardian buys the ticket and sees the movie with them, no one under 17 is permitted to see an NC-17 movie (not even with a parent or guardian). So, releasing a movie with an NC-17 rating means that you will lose all ticket sales for the under 17 crowd.

And, even though people under 17 can see an R rated movie with a parent/guardian, many parents still won't allow their children to see R rated movies. So, censoring a movie down from an R rating to a PG-13 will again mean more ticket sales, as parents who wouldn't have let their child see the movie if it were rated R are perfectly happy to allow them to see the PG-13 version.

The studios may force them to censor so they can sell more tickets, but, the director can release the original, uncensored version on DVD. This original, uncensored version is the "Unrated" version or "Director's Cut" (or, in this case, the "NC-17 Fully Exposed Edition").