If you have the DVD still, then you place it in the drive, open Disk Utility.app (this resides /Applications/Utilties/Disk Utility.app) and you will see your drive in the sidebar list.
Select it (the top most option of your DVD), and click New Image. And, for most compatibility, choose "read-only" in the disc format. This will create a file the same size of the DVD in your drive (4.8 or 7.9 gigabytes, depending upon whether it's a single-layer or dual-layer disc).
You can then mount it by double clicking it and, so long as you don't have any DVD media in the drive, you should be able to select it with DVD Player (cmd-O and choosing the mounted disk image).
However, if you have a folder, you may be able to use
VLC to play the DVD from that folder. I'm not sure if DVD Player supports this or not.
EDIT: Oh. DVD Player does support DVD Folders. Thanks for the clarification,
balamw. I think I completely misread the question initially.
🙂