Okay well one, I have a ton of Blue-Ray movies, and I don't want to have to pay another 14$ for HD Movies on iTunes, and I don't want to use Limewire to download movies because it's just to risky.

And now I'm about to buy the iPhone 4 but I was wondering if there's a way I can transfer my Blue-Ray Movies onto the iPhone 4.

Is it possible?
And how many gigabytes would it take up per movie on average?