step 3: Download Anydvd hd (its not free, find a cracked one, we're all pirates here)
step 4: Download tsMuxer (you wont need it everytime, but sometimes you will)
step 5: get a big hard drive if you don't already
Thats everything you need as far as hardware and software
As for step by step instructions:
-Put Bluray in the drive (duh).
-Right click the Anydvdhd logo next to the time on your taskbar and click "Rip video DVD to hard disk"
(This will make a bunch of folders, the only one that matters to you is BDMV>>STREAM)
-Open Ripbot264, click "add" in the bottom right, select the biggest 'm2ts' file in that "STREAM" folder
-RipBot SHOULD automatically take care of the most of the remaining tough stuff
-On the bottom you can choose mp4, mkv, or bluray-disc, chose bluray-disc (or AVCHD)
-change "mode" to 2-PASS -select "LOCK SIZE" on the bottom right and type 4096
-Audio PROFILE, chose 5.1 AC3 640kbps
-Video PROFILE, chose Blu-Ray Console 4.0
-Set a destination (where your computers gonna write the converted movie)
-Click DONE, then START to Start the conversion
-Your finished movie will be in the same BDMV>>STREAM folder, but in the destination folder, it will be either 3.99gb or 4.00gb.
Faster the computer, faster it will go. My laptop does the job in 17Hrs
If you dont want to buy a bluray drive just yet, you can download the HD movies online and just convert them for ps3 using ripbot.
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sorry if thats an overload of information. hope some people find it useful
Streaming is essentially allowing the ps3 to access video's, music, pictures from your computer using your LAN. Much easier than having to transfer things back and fourth, and a lot of the videos would sometime need to be reincoded because the ps3 wont play it properly; but with streaming most of the popular ones transcode on the fly so almost anything will play through streaming.
yha i would recommend PS3 media server as well. but if your just trying to move the media (movies,music,photos etc) directly to your ps3 and not just watching it/them, then i would stick to direct copying with a USB storage device. much much faster!