I have done that and i own powerdvd and arcsoft but wich one is betterPlease search the forum first... you'll find Arcsoft Total Media player OR Cyberlink PowerDVD. There are some pluginsollutions available to use one of these programs for bluray movies.
Then it will be Arcsoft it is possible to play files from your harddiscWell, me personally .. I am using PowerDVD, since the Arcsoft player messed up my codecs. Other people have more succes in using the Arcsoft player. They are both very good at playing Blu-ray... depends a bit on your system. I would say: try them one after another. Before you install make a restorepoint so you can revert back to the point where you didn't install the program.