As far as I am aware, the PS3 doesn't natively support DVD VOB playback (as a file outside of the DVD), so I would expect it won't playback the BR equivalent. I am also pretty sure that ripping a BR is still a bit tricky and you certainly couldn't do it with a PS3, you'd need a PC and a stand-alone drive.
Saying that, if you were to setup something like PS3 Media Server on a PC and connect to it via your PS3, then it can transcode DVD VOBs on the fly to a format that the PS3 can render, so it may be able to do the same with Bluerays. Ultimately though, no I don't think it can do what you want specifically (nor should it be able to legally, the content on your blueray disc is licensed to stay on that media only in most cases)
^ LOL, my supervisor is right, I do type too much