SnakeDoctor
Super Freak
You probably still have to convert it. Running from the raw ripped DVD file is typically not possible, and even so, the raw file is 4x as big as the converted file (partially because it has DVD menus, subtitles, etc. that you don't need) ... so you'll save storage space by converting.
As for the sound -- I'm not sure if stereo survives. I would think it does because you're fundamentally running exactly the same file as is on the DVD. But, I'm running through TV audio, so I'm not sure I'd immediately recognize the difference.
I'm not sure of the details of Media Center, but I would guess it is similar to iTunes in its functioning.
SnakeDoc
As for the sound -- I'm not sure if stereo survives. I would think it does because you're fundamentally running exactly the same file as is on the DVD. But, I'm running through TV audio, so I'm not sure I'd immediately recognize the difference.
I'm not sure of the details of Media Center, but I would guess it is similar to iTunes in its functioning.
SnakeDoc