A DVD Jukebox Without the DVDs?

Malphaedrius asks: "I'm moving into a friends house with limited storage space and small children with curious fingers. I have decided to make a DVR running Linux and MythTV for two reasons. First, I want a DVR (who doesn't). Second, I want to take our collaborative DVD collections and get them out of the living room, away from grabbing hands. The question, after such a long declaration of intent, is can one rip a DVD and compress it without losing the special features and menus? I don't mind losing them but it would be nice to not have to dig out the discs if I want to listen to the director's commentary. Granted special features and multiple tracks will greatly increase the storage space needed and may be a bad idea in retrospect, but it would be nice to have the option. Has anyone built anything remotely similar to this? If so, how well has it worked?"