Ultra DMA 5 sould be fine.
Can you send it back and get another on, I would recommend the LG/Pioneer, or Samsung drives. Liteon seems to be the cheapper one, and sometimes there is a reason. I use to like liteon (have 3 of ther stand-a-long DVD recorders - they were great. But I think their quality for Blu-ray computer drives are toward the bottom.
I've looked at several reviews and your drive should have no troubles playing bluray disk. So that brings it down to Hardware/software problem. If no hardwar conflicts and you have tried several software players - that would indicat a drive problem.