No. The very first released software players had the insecurity that they expose the decrypted keys in memory in plain sight. Since then all players have been secured so that this almost 3 years old process doesn't work for about 2,5 years now...
Edit: After taking a closer look at my harddisk i discovered that WinDVD 8 was one of the very first players, so at least with that version it should work (at least with the initial version of it, later updates may not work).