This article will guide you to download and place the AACS and BD+ DRM libraries and keys in order to play Blu Ray on Windows 8 with VLC for Free.
... Step 2: Download the Blu-ray playback addon pack from: here, and install the Key file from addon pack – “KEYDB.cfg”
Wow! This actually works! It works on Windows 7 also with the latest VLC, but you have to put the KEYDB,cfg in \AppData\Roaming.