It is possible but you might be required to get additional tools and software.
You need to check if your Dell laptop is “blu-ray ready” and meet the HDCP compliant test, use Cyberlink BD Advisor to test. Please take a screenshot and post it here the next time you make a post, using Manage Attachment. If you don’t have the UJ-210 it will show some red but no worries, at least we can see if your video and processor power is good enough. You can also repeat the test while connecting the laptop to your HDTV via HDMI.
If your video card is not HDCP you can use AnyDVD HD, a tool to bypass HDCP requirements, but it’s not a freeware. You will also need a software to playback for example Cyberlink PowerDVD 8 or WinDVD9.
Panasonic UJ-120 for $150 is a very good deal for a slim external blu-ray reader (not blu-ray burner), but you may want to consider standalone blu-ray player instead to avoid all the hassle and additional purchase (AnyDVD HD and PowerDVD).