there is a ton of shit out there to bring the dvd files to your computer and then convert them over to high quality mpegs - was just doing that yesterday at work.
mind you, it is slow as shit and you can't do anything else on that computer while it is doing it.
to rip out to a crappier quality, it will take maybe an hour or two for a 1gig dvd file (full movies from blockbuster are more like 4-7 gigs).
I'm in a P4 2g with a gig of ram.
to rip out to good mpeg quality with good audio, it will take 8 hours or more for that gig...
so while that option is there, I don't know how much it is worth it.
but yeah, if you look around you can find it.