Originally Posted by Don't Panic!

You'd just be stripping the DRM from the existing files. Depending on the software you use you can save to a number of formats. The current legal workaround is called Tunebites. But this is really a grey area in the law read this article first

The best and legalest way to watch videos on your Windows Mobile Device is to rip your own DVDs. There are quite a few programs both free and shareware that allow you to do that and it's what the majority of users do here.