Do you happen to have an Airport Time Capsule? I have an external HD with my movies and TV shows on it, plugged into the ATC. I then use the Infuse App on the Apple TV, iPhone and iPad to watch them on. It's flawless and provides metadata and artwork for you. Honestly, I can't recommend it enough.
You have the added benefit of it showing up in finder as well, so you can simply write straight to the External HD over your network
This may be possible with other routers of course
Also, I've said this a few times, but you may as well just torrent the movie files and save yourself a lot of time end effort ripping them. You're breaking the law anyway, may as well save yourself some time!