Source: http://lifehacker.com/5498519/makemkv-rips-dvds-and-blu+rays-with-just-two-clicks
Those of you with large Blu-Ray collections have probably already invested in a good ripping tool, but those running a bit behind on the format changes (or that don't have the space on your HTPC to hold all those 50 GB files) should take advantage of this limited time opportunity. MakeMKV is a two-click decrypting, ripping and converting tool for DVDs and Blu-Ray discs. Literally all you do is pop in the disc, click the DVD or Blu-Ray icon, and then hit Make MKV—30 minutes later, you've got yourself a high-definition MKV file that can be played in most media players (like Lifehacker favorites VLC or XBMC). You can opt to rip only certain chapters, as well as edit a few advanced preferences, but the default settings work just fine for those not well versed in DVD ripping lingo.
MakeMKV is a free download for all operating systems. DVD ripping will always be free, but Blu-Ray ripping is only free as long as it's in beta, after which it will go to a to-be-determined price, so get ripping now!