HandBrake Rips DVDs
HandBrake is free open source software that can rip DVDs, meaning that it can make a backup of the video to your computer. HandBrake works very slickly and has multiple encryption options and presets for popular formats (ipod, PSP, Apple TV, etc.).
Originally just on Max OS X, HandBrake is now available on Windows.
You can keep your backup on your computer, on a small media device like an iPod, or burn it to CD or DVD.
MetaX adds Artwork
MetaX, also free, adds an image, description, and other info to the video. This allows you to, for example, see all your movies with associated artwork from within iTunes. Unfortunately, MetaX is only available for Mac OS X.