As a a follow-on to this thread and for information to anyone interested in seting up this type environment. I have a very sucessful BD set-up and use the following software:
Ripping to image: Slysoft AnyDVD(HD)
Mount image: Slysoft Virtual CloneDrive
Play Movie: PowerDVD10 - fully integrated in Media Centre
You do need shares in a NAS supplier with the average BD image being between 25-50GB - Check my system specs
But the solution is brilliant.