Re: How would I accomplish this?
A more expensive solution that will allow you to do the Netflix thing is an HTPC (Home Theater PC) - they don't need to be very powerful, I built one for our breakroom at work with an old Core 2 Duo 1.86 GHz, 4GB RAM and a Radeon HD 4350. Used the onboard audio, LAN and set it up so that they could watch Hulu Free, and the integrated channels, as well as an HDTV tuner.
The initial investment is higher than the bluray drive and even a console (depending) but you can do so much with them - including time shifting (DVR) on over the air HD channels, etc. The other advantage is that you can buy a BluRay ROM for the PC and play your bluray/DVD movies that way too, if you've got your mind set on BluRay.
I know it's more expensive, but a lot of people don't seem to know about it. You do need Windows 7 Home Premium or better to access it. I'm not trying to downplay Dngrsone or anyone else's feedback, just an alternative in case you had the interest.