>I can torrent everything and do what I want with it, as long as I don't redistribute the exact same thing?

this is an incorrect interpretation (in the usa, at least).

downloading a game/movie is still the creation of unauthorized copy, which is not allowed. not to mention that playing/watching does not count as a "novel transformation".

(17 U.S.C. § 106 and 17 U.S.C. § 501 are the relevant pieces of reading)