Every component in the chain has to carry an HDCP license in order to be able to play HD content. For a computer, it means, the video card, the monitor, and the player all have to have an HDCP licensing key in order to be able to play HD content.
Now, here is where things get even funnier. It is up to the content to decide what should happen when everything is not HDCP compliant. Some content may scale the image quality back, some may not play at all. You will not know until you play it. Fun stuff!
Oh, and most Blu-Ray content is nothing more than a normal DVD run through a 3:2 pulldown processor to up the resolution. The same thing any of the new $100 (and less) DVD players will do for you.
And they wonder why Blu-Ray is dieing in the marketplace.