Is it possible to rip a Blueray movie and covert it with out any compression ?

Hi I am looking to backup my blueray collection. I have a home cinema so picture and audio quality is really important to me.

I notice most people seem to convert to MKV but I think I read it has to compress the audio.

To get to the point is there a method to rip my bluerays so I can watch them on with 100% quality with Dolby TRUE HD audio etc.

I would be looking to playback on my WD HDTV or my PS3

Yeah... but it's a pretty big violation of the law to do so, so no advice on it can be posted here. Sorry.