[masraum]

So you have a personal PC that you plan to host them on and a TV that's either smart or you've got a smart device Bluray/DVD player, game machine, etc... that can play them?

Yes, there's probably at least one option, but probably a couple. It would depend upon your TV and smart devices.

I've got an Apply TV that I use, so that makes it easy. But there are a slew of non-Apple possibilities.

Legally? I suspect that's a gray area. If I own the DVD/BD, and I rip them for my own use and don't then get rid of the disks or give the ripped movies away, I don't think I have anything to worry about. What "they" are concerned about is piracy and distribution. If you rent movies and then rip them to keep, you're bypassing the purchase. That's shady. If you buy and then let other folks have/download what you ripped, that's shady. If you buy, rip, and then sell the disks while keeping the rips, that's shady.