Be Excellent To Each Other

I have, at the last count, over 420 DVDs. Whilst these are attractive on the shelves, they do take up a lot of room and it can be a bit inconvenient when I loan a DVD to someone but then want to watch the film while they have it.

So, if I wanted to digitise this DVD collection, what would be the most cost effective and time efficient way of doing it? I don't have any NAS at the moment apart from a 2TB drive attached to my main PC (which isn't on 24/7, so can't really call it NAS.)

Are there any wi-fi enabled NAS boxes, that I could use with a wi-fi enabled Raspberry Pi running XBMC?

What's the quickest way of digitising? Ripping from DVDs, or seeing if I can download existing DVD rips? I'd prefer the former, as I'd have more control over the quality of the rip.

Quickest way of digitising is to download. The quality online is pretty good, but usually divx compressed if you want a good compromise between size and quality (700mb-ish per film) If you want to go full DVD direct rips, then depending on your download speed it might be quicker to rip them from the disks. A DVD rip of just the feature will probably be around 4-8Gb.

Personally I would download and take the opportunity to upgrade to BR quality

I don't know of any wifi nas boxes, but once you start upping the bitrate, I would really recommend going wired anyway...
Personally I leave my imac on 24/7 and use that as the file server.