I don't think VLC will play the blu ray disks directly, not through the menu. It will play the main movie m2ts file within the Streams folder, like Media Player Classic HomeCinema. Both of these have the great advantage of being free, but neither are optimal for blu ray.
If you hit Open Folder in VLC, you can pick the drive that has the blu ray movie in it and play the main movie that way too, but I find playback in VLC to be choppy at best for blu ray.
The best player for blu ray playback that I have found is Arcsoft TotalMedia Theater 3 Platinum. It is not cheap and rarely goes on sale.
Nor is it what I would call a "lite" piece of software.