BluRay RIpping?

So in the future i plan on either rebuilding a new computer, or updating my current one. I also plan on getting the WDTV HD Player (or something similar) for my living room. So my question is this...

What do i need in order to rip BluRays in 1080p into a file that will look great and still play on one of those players? Im assuming an AVI would be best, but i think they usually play mkv, mp4, etc too.

Aside from the obvious things like a BluRay Rom for my pc, i already use AnyDVD currently for regular DVDs. What else would i need? I've read something about needing specific vids cards, monitors, etc, that support blurays to just watch them on a pc to begin with... any ideas? thanks in advance!