This insanely popular solution is often tied into other software, such as HandBrake. That said, one click should get you converted video that can be played almost anywhere, as long as you have the right player. If not, you can opt to make back-up copies of your discs for personal use. PC World says that MKV can rip the average Blu-ray in about 30 minutes.

Price: Free
The Buzz: “This compact file format is about 40 percent smaller than a traditional Blu-ray data disc, but playback demands a media player that is capable of handling MKV files.” — Check out PCWorld’s Make MKV Tutorial