The free version of DVDFab is called "HD Decrypter" and only gives you two options "Full disc" or "Main Movie" it does not have the ability to compress or burn to a blank media. it only rips to your HDD (hard drive),
And yes you can watch it from your hrad drive with any media player software.
On the paid version here is a description...
DVD Copy allows you the create backup copies of DVD movies and gives you several options.
1.) You can copy the movie/video to your hard disk drive or burn to a blank DVD,
2.) You have the option to leave the file size at it's original size which may requires a Double layer "DVD 9" disc or compress the files down fit on a single layer "DVD 5" disc.
3.) Full Disc mode will copy the entire content of the original DVD
4.) Main movie mode will remove the trailers, menus and and warnings.
5.) Split mode allows you to split the original DVD movie into two parts, which means you can take an original movie that is on a double layer disc and burn the first half of the movie on a single layer disc and the other half onto another single layer disc, this also comes in handy when burning to a double sided disc better known as a "Flippers".
6.) Customize mode allows you remove unwanted portions of the original DVD such as removing the trailers/advertising and leaving the menu.
7.) Custom Split mode is both split mode and customize mode combined into one giving you the ability to customize the split.
9.) Merge mode allows you to combine two movie titles or multiple small videos files onto one disc.
Oh almost forgot we have a DVDFab forum here at Club MyCR if you ever need help with any of the DVDFab products, here is a link http://club.myce.com/f116/