Everyone says it takes 4 hours?
You're talking about analyzing 4GB of video and then compressing it down to 1/4 of the original size. That is a LOT of computational voodoo going on there... It will take time and there is no way around it short of HUGE bucks for hardware and software.
If you don't compress it, it will convert MUCH faster. Then you'll basically just be decrypting the video and packing it into a single file at the same size and quality of the original.
The less compression you use, the faster the rip will run.
If you have itunes on your computer, simply install another video playing app, which plays various formats. flexplayer is one good app. You can then, simply connect your ipad to your computer and then from itunes, transfer the video file to the app.
I want to try this actually, but i don't buy apps. Is there a free good app where i can watch the movie without an internet connection?
Just JB and get VLC then watch it there. No encoding needed. You don't even need internet connection to watch it.