Funkiest Monkey said:
If you rip it to say, your iTunes, and then let your friends watch it, it isn't illegal.
Surely that comes under either unauthorised broadcasting or lending? Both of which are against copyright law.
Hell to be honest you can't even lend a store-bought DVD to a friend without being in breach of copyright, realisticly in order to follow the law to the letter you are required to get permission in writing by the copyright holder prior to said lending.
What a great world we live in.