Just grab a 20 bucks USB powered drive of Ebay. It will work.
Software wise: I started with MacBluRay player, but I did not like the payment scheme: some obscure Chinese business via vague payment partner.
Today I rip every disc. It is a little extra (20-30min) yet I have plenty of room to keep the discs on HD as well. Playing back in XBMC has huge benefits for me: audio remuxing on the fly, subtitle font and positioning (smaller, Helvetica and outside the picture).