While the thought occurred to me (I have netflix to the mail time is two day round trip) to do that mostly so I could watch the movie while the disk was in the mail, but I quickly realized that occasionally I have a disk for three or four days in a row for a very good reason. I simply didn't have time to watch the movie. If I had ripped it I still wouldn't have watched it, but would now have two movies to watch. In the end I concluded that the ripping them didn't get me anything and in fact was a hassle because it took time and energy to rip the disk (which I am not spending watching the movie means I am doing something more important). When I get free time I watch a movie and return it. I have the two movies at a time plan and I find that on a given week one of the disks will sit on the TV for a day until I get around to watching it. I can't imagine having the three disks plan.

If you really want to collect movies for $300 you can get massive used DVD lots with hundreds of legit movies off ebay for way less hassle.