Some backstory: I originally bought an Insignia player which had the advantage of being cheap and multi-region with the press of a few keys, but the major disadvantage was that it was slow to turn on, slow to read discs, prone to freezeups, etc. After another round of frustration, I decided to invest in a media server and haven't looked back. I can stream directly to my TV with uncompressed audio/video and not have to worry about menus, previews, changing remote codes, discs not reading, changing discs, quality degrading (ie, streaming over the net), etc. I have access to my entire movie/TV library (plus disc extras) in under a minute and best of all, since I've digitized all my discs, region codes do not exist.

However--since I have many discs I require a lot of storage...I would say I've sunk almost $2,500 into the servers+hard drives; I wouldn't expect you to spend that much. Since you have a PS3/XBox 1, they should have built-in media players; so from that point on, all you need is:

* An external hard drive (2TB models can be found for $100)
* A Blu-ray drive (if you don't have one on your PC, internal/external ones range from $40 - $60)
* A piece of software I can't name as it's a violation of forum rules, but can be found with a simple Google search (and will run you $50 for a permanent license)

One method: use program to read the disc and convert to digital files, place files on external drive, plug external drive into console, load up media player, enjoy!

Another method: if you want to do some research (there are several tutorials out there), you can install some apps, convert your Xbox/PS3 into a media server and just stream directly from your PC's hard drive (thus eliminating the need for an external one).

Depending on what hardware you have and what streaming method you choose, you can go multi-region from $50 to $200.

This all requires some work and some research, but once you get past the initial setup, the rest should be a breeze.