How to reduce and/or convert BluRay movies to play on tablet?

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http://forums.androidcentral.com – Obviously I need to reduce the size of those BD movies, and most likely convert them to another format. I intend to store them on a 64 GB flash drive, and play them off that. What tools do I need to do this job? What is the recommended file format? I'd like to retain the 1920 x 1080 resolution, but definitely need to drop the bit rate to decrease the size. I just download MX player to the tablet. Thanks, (HowTos)