The conjugation of ubiquitin as either a monomer or as a chain has long been known to regulate the stability, localisation, trafficking and/or function of many intracellular proteins. However, the recent explosion in our knowledge of the enzymes responsible for the removal of ubiquitin suggests they also play an important role in the regulation of many processes. Here we examine what is known about the role of deubiquitinating enzymes (DUBs), with particular emphasis upon their impact on cellular responses to external stimuli. In addition, we look at the evidence that although these enzymes are heavily outnumbered by those responsible for ubiquitin conjugation, that these enzymes may still be important cellular regulators, due to their ability to play multiple roles which can be cell type and cell context specific.