I have a DVD that is PAL, but my player won’t play it (Cheap Player)
I was wondering, what’s the easiest/fastest way to convert it to NTSC?
I don’t know if this is the “easiest / fastest” way, but, it’s the only way I know to do it. Hopefully someone else can chip in and help you if I’m way off base. Back up your PAL DVD to a DivX using chickenman’s tutorials in the sub-forum here in this forum (video). Then follow another of chickenman’s tutorials to convert DivX to DVD+/-R and following the additional steps to convert PAL to NTSC.
This would be a multi step process that would yield good results, in my opinion.
Just do the DVD to DVDR Tutorial and read & follow the note I posted at the bottom for PAL to NTSC conversions.
Wouldn’t I lose some quality in re-encoding the file?
To convert PAL to NTSC simply means a re-encode must be done there is not way around that one unless you buy a new DVD Player 
In theory there will be a quality loss, in practise I doubt you will see any significant difference.