I building my first system and I have a good Blu Ray drive that I would like to use as a main CD Drive (I don't want to buy a cd drive).
Is that possible? Is a Blu Ray capable of reading standard cds/dvds?
A Blu-ray Reader can read CDs, DVDs, and BDs, but they can't write to any of them. If you plan on writing to CDs and DVDs (NOT BDs), you'll need a DVD burner or a Blu-ray Combo Drive. If you want to burn to Blu-rays as well, you need a Blu-ray burner.
You will need Bluray playback software in order to watch Blu-ray movies on your computer, just FYI.