Umm, yes, kind of...
Blu-ray isn't a codec
as such, it's a media format much like floppy disks, cd-r's & dvd-r's.
Advantages of the Blu-Ray format include larger storage capacity, which allows for higher resolutions (HD), longer play times, and less lossy
compression methods to be used.
This means that because Blu-Ray video doesn't necessarily have to have come from a Blu-Ray disc, it is possible to encode or copy Blu-Ray video to your pc without copying it directly from a Blu-Ray player.
As it's also possible to convert from the various codecs used with the Blu-Ray format to other video codecs, yes, you can then transfer them to other removable media formats including dvd's. You just need the right conversion software to do the job.
Will it affect the quality of the resultant converted file? That depends on the codecs that you use to convert the file to and the settings that you use. These variables will most likely be determined by the size limitations of the removable media that you intend to copy or burn the end result to.
This response is intended to be informative only, and in no way condones piracy. Check your local laws before attempting to duplicate any materials that are subject to copyright. Please don't ask me how to bypass encryption methods or make pirate copies of anything, my response WILL offend you.