De-facto standard free toolset:
SmartRipper (to get the files)
Flask (MPEG2 to AVI)
VirtualDub (for further editing, if desired)
AVISynth (for advanced further editing)
DIVX (the standard codec, free but not open)
XVID (the other standard, open source forked from DIVX when it was briefly open)
HuffYUV (lossless codec, if you're going to do further editing)
De-facto standard web site:
http://www.doom9.org/
As for speed, I get around 2-3 frames per second on an 800 MHz P3. So obviously, I don't do this very often.
And for SteveDallas: The Archos video players with hard drive require you transcode movies before copying them over. You can probably copy a VCD directly, but DVDs will need to be converted.
If that's too much trouble, just get a really stinkin' huge HD for your laptop, and copy the DVD files directly to it. (SmartRipper should do nicely.) Full quality, no effort.