There is a free way to get around this, called: DVDFAB decrypter, which lets you rip the Bluray to the hard drive. Then you can play the video stream of the Bluray directly from the hard drive.
To play the bluray rip, you can use a program such as XBMC, a slick-looking open-source free alternative to Windows Media Center. If you try to play the bluray stream with Windows Media Center, it will arbitrarily insist that you have bluray decoding software installed, even if the bluray rip is free of any DRM and Windows already has the codecs to decode the DRM-free stream; it's just an artificial limitation built into Windows Media Center.
Note that some bluray players have hardware limitations that may prevent this with certain bluray discs, but because DVDFAB decrypter is free software, you may as well try it. I'm not sure which bluray drive you have but I remember reading that some ASUS drives were not hardware locked, and other drives can be bios-flashed to unlock them.
A media player like XBMC will understand the folder structure of the bluray rip on the hard drive, so you don't have to poke around to find the actual bluray video stream. But, you can use a standard video player (VLC etc.) as well, and open the video file directly. To find the bluray stream, look in the bluray rip/stream folder and you'll see various x264 encoded video files. Often times, you will just sort by size and open the largest file and that's the movie. I believe Windows 7 natively comes with the ability to play these video files (file extension .MTS), because you've already overcome the DRM issue that is taken care of by DVDfab decrypter.
So in summary, I'd advise you to keep your hardware, and just use free software to play the media you want to play without the DRM getting in your way and without having to buy new software. Also, this should open up some additional opportunities for you, including playing the bluray directly from the quiet hard drive without the sound of the bluray drive getting in the way, or using a server computer in another room to stream the bluray information to, e.g., a networked laptop connected to your large TV.
For more details:
http://lifehacker.com/5559007/the-hassle+free-guide-to-ripping-your-blu+ray-collection