poita said:
Easiest way would be to output the Bluray via composite video and capture that, or run the composite video into an old VCR and record it, then capture *that*.
The 'hardware' downgrading will do most of the work for you.
It's not exactly what I would call easy. Correct me if I'm wrong, but I believe the only BD device that can output composite are older models of the PS3. So in order to do what you are suggesting, you would need one of those older models.