I got it to work on 64-bit Windows 8 by doing the following:
1. Google for the 64-bit version of VLC. As of the time of this writing, I got VLC 2.0.4 from FileHippo:
http://www.filehippo.com/download_vlc_64/
2. Install 64-bit VLC
3. Go to
http://vlc-bluray.whoknowsmy.name/ and download KEYDB.cfg and the 64-bit version of libaacs.dll.
4. Copy libaacs.dll to C:\Program Files\VideoLAN\VLC
5. Copy KEYDB.cfg to C:\Users\<YOUR_USER_NAME>\AppData\Roaming\aacs
***This step was missing from the other instructions, and it is crucial***
6. Copy KEYDB.cfg to C:\ProgramData\aacs
7. Open VLC, then go to Media -> Open Disc. Under Disc Selection, click the BluRay option. Then select your BluRay drive's letter under "Disc device".
8. Click Play and enjoy!
With my particular movie ("Wanted"), this resulted in three video windows playing at once (the main movie plus "making of" type of stuff). I got rid of the extra ones by right clicking on the video and selecting Video -> Video Track -> Disable. Then right-clicking again and selecting Video -> Video Track -> Track 1.
I hope this helps!