A student sent me this explanation on how to extract data if you have your content on a multiplexed DVD:

Here's one way I've been able to extract unprotected video files (without the Macrovision, etc. coding most commercial discs have on them) from DVDs through software that can export to QuickTime .mov, which I could then manipulate in an editing program.

First off you need the "MPEG2-Playback" a component from Apple that works with QuickTime, but unfortunately doesn't automatically come with it and costs $19.99.
http://www.apple.com/quicktime/mpeg2/

Then, once the "MPEG2-Playback" component had been installed, I installed another program, a freeware, called "MPEG Streamclip" that basically allowed me to select the .VOB and export to .mov (and several other formats). It even lets you set IN and OUT points.

http://www.macupdate.com/info.php/id/15466

This is just a software solution to what you were trying to do the other day with the analog converters, so in terms of legalities or copyright usage, it should be the same.