VLC media player can rip DVDs by going to the Media menu, selecting Convert/Save, clicking the Disc tab, adjusting start position and chapters, saving with a .MPG file extension. It can also record videos during playback by clicking View -> Advanced Control to access the hidden record button. Additionally, VLC allows converting between different audio/video formats like MP4, WMV, AVI, and MP3 by going to Media -> Convert/Save, adding the source file, selecting the output format, and saving.