I'm not sure exactly of the question you're asking so I'm going to give 2 answers here....
First of all, IF you have a blue-ray device and not the software to run it, I have heard great things about cyberlink Powerdvd
IF you don't have the hardware (ie: blue-ray player) and are looking for something to emulate a BR player, then play it, I would highly recommend you look into buying the device, you'll encounter far less problems (and probably cost) if you have the hardware.
Any way you go, I don't see a free option, so I realize this is probably not the answer you wanted to hear, but it's the truth regardless.
Cheers