Hi I am looking for a way to convert my bluerays to come format were there will be no loss in picture and especially audio quality so i can watch my films with the intended Dolby True HD track, is this possible ?
O and I would like it to play back on my WD HD player 
Thanks os much !!!
Welcome to the forums.
Your best bet is to run them through Handbrake using the High Profile preset (but change the output type to MKV) and passthrough DTS or AC3 audio tracks.
This plays perfectly (with no discernable loss of quality in video and audio) on the Live player – this is the Live/Plus forum. I can’t speak for the WD HD player, though (you’ll need to post in that forum to be sure).
Oh, and let me address your topic line as well.
The Live can’t actually PLAY surround sound in any format – the best it can do is to play stereo sound. It can, however, pass through the 5.1 surround tracks of both DTS and AC3 (including these cores in the HD formats, DTS-HD and True-HD). It can’t pass through DTS-HD (no player can) and only in the M2TS container can it pass through True-HD (and not always then).
No matter what your receiver will then have to decode these surround tracks (and you set the Live to “digital” to do this). Now, *I* can’t tell the difference between the core AC3 track of a True-HD track, but then I have trouble telling the difference between a quality MP3 and the .WAV of the same file. Younger ears may well tell the difference but, if so, the Live isn’t the player for you. Only a blu-ray player is, because only it can properly decode DTS-HD (the majority of blu-rays are in this format) as well as True-HD. So skil the media players and just use a blu-ray player IF this audio difference is that significant to you.