Download and install Shark 007 codecs Shark007.net - Windows 7 Codecs - WMP12 Codecs
. If your OS is 64bit, you should also download and install the X64 components Shark007.net - Windows 7 x64 Codecs - WMP12 Codecs
Next download and install MPC Home Cinema 32bit or 64bit as the case may be and only from the Tools section of Shark's website Shark007.net - Tools for Windows 7 codecs
Open the Shark's Settings Application 32bit or 64bit as applicable to you, as an administrator. In the Settings application "SWAP" tab, check "Use FFDshow for VC1" (Disable Windows Media Foundation will automatically get checked)
For copy-protected BDs, you may also need to run the free version of DVDFab's Passkey Lite Passkey Lite -- Free and Lite version of Passkey for DVD & Blu-ray
.(I haven't used it and so I have no idea whatsoever as to how effective it is.)
After all this, try to play your blu-ray disc with MPC Home Cinema.
I had played my home-made BD on this setup successfully. Breaking News: Free BD/DVD player software
EDIT 1: Rented discs are subject to abuse. Do make sure that the disc is playable on a hardware player.
EDIT 2: 06/27/2011 22:26 ET
On Shark007 Codec pack for Windows 7, please do have a look at the following threads in his forum: http://shark007.net/forum/Thread-So-...omatically-now http://shark007.net/forum/Thread-Ask...-installations
(Thanks to derekimo who has provided the links in his post #15. I have repeated here so that it goes in one parcel for any future reference)
These and other discussions in this thread should help you in deciding on the issue.
In case you decide to give it a try, please do go through the EULA (which we normally do not do and confirm that the installation of Ask Toolbar is indicated therein) before you accept.
In case you decide otherwise, your options will be togo with the trial versions of Total Media Theater 5 by Arcsoft or Cyberlink's Power DVD.
EDIT 3:06/28/2011 21:09 ET
Today I could successfully play my home-made BD with the current version of MPC Home Cinema without any other codec packs installed. You may try this. http://mpc-hc.sourceforge.net/downlo...lassic-hc.html