You can watch your favorite Blue-Ray or HD movies without a HDCP compliant graphics card or HDCP compliant display with PowerDVD Ultra or WinDVD 8 Platinum.
Take PowerDVD for example:

Step: 1 Run PowerDVD.
Step: 2 Click "Select source" and choose "Open DVD file from hard disc drive", find the HD or Blue-Ray movie you want to play.
Step: 3 Click Start.Now you can enjoy your favorite HD or Blue-Ray movie.
Other guide :
How to use Blu-Ray/HD DVD Copy Helper?