Can we stream Blu-ray/DVD/video to iPad and Play directly?

as in use the iPad as a monitor plugged into a dvd player? no. as far as I know there is no protocol for that. The closest I've seen is people using Apple TV to stream TO from the iPad, but even that seems buggy and has enough restrictions etc to make it far from a universal 'just works' item.

as the previous commentor said, unfortunately there is no way to insert a disk into the iPad and I am not aware of a solution to have the player output the signal to the iPad.

One way is to use an App which supports a ripped Bluray or DVD then you could use Airplay to mirror to your Appletv and then on to your tv.

These files would be big so would take up a lot of space, if not used on the network and an App that supports network browsing, such as Filebrowser, to then play the VOB files.

However I would recommend using an application like Handbrake, available for both Windows and Mac and creating a digital version of your DVD/Bluray then you can import the movie onto your iPad or use the Videos app to browse to your iTunes movies and then mirror to the AppleTV - TV.

Sure there is. If you enable

- Home Sharing in iTunes, you'll be able to stream your iTunes videos to the stock Videos app on your iPad

- other types of sharing (e.g., SMB or FTP), third-party players from anywhere of your desktop computer (including even SMB-capable NAS hard disks / storage).

This all bolis donw to the question whether you already have your video files in iTunes and you want to stream from there. If you do, go for Home Sharing. If you don't (because the format of those videos is iTunes-incompatible), go for the third party player-approach.

Let me know which category your setup belongs to.