Nero cannot decrypt a commercial dvd and put it on the hard drive. For that you need a different tool.
Try DVDFab HD Decrypter to decrypt and rip the movie to the hard drive. You can do so in file mode or as an ISO image file of the dvd.
Be aware that as you use the free section, you will be using up the free 30 day trial of the main program, but the free section will continue to function even after the trial.
In file format, the dvd will be in a Video_TS folder, which contains .vob, ifo and bup files. As an ISO you can mount it in Daemon tools virtual drive if you like. Windows Media player doesn’t play dvds unless you have a dvd decoder installed. I suggest using VLC media player which can handle either dvd files or play an ISO directly without mounting it in a virtual drive.