Building a computer to convert my blu-rays

Planning on building a computer so I can rip my blu-rays, store them on my HD, and stream them to my PS3 via the network as a high quality MPEG. I'll be using the AVS video convertor. I'm wondering if anyone has any experience in doing this and if so what rig are you using and how long does it approximately take to convert the video? I'll be purchasing this soon and the budget isn't necessarily important however since this computer will be only used to perform this one task I don't want to purchase anything additional. Most likely I will not be overclocking.

The main components I'm looking at putting in are:

processor: Intel Core 2 Quad Q9550 64bit Quad Core (4x 2.83Ghz, 1333FSB, 12MB Cache)
mobo: Asus P5N-D (1333FSB)
ram: 8GB of OCZ Reaper PC8500 1066Mhz
HD: Western Digital Caviar Black 1TB 7200RPM (SATA2 32MB Cache)

Will this be sufficient? Does anyone else have a similar rig performing a similar function? Any help would be greatly appreciated. If so, do you have any idea as to what kind of of time it's going to take per conversion? Thank-you.
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  1. remember the software side of this as well, the blu-ray has some pretty nasty protections on there, you could use Slysoft AnyDVD HD to by pass it (that is what i had to do) though the program is something stupid like $150 for a lifetime usage
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