Try using Daemon Tools, it emulated BD-Rom. I don't know if alcohol does.
These players may not recognize a Blu-Ray disc (I know WMP and KMPlayer don't for sure), but they will play the .m2ts file directly, assuming you have the correct splitter installed (and that would be
Haali)
Without a good decoder, you may have playback problems though. Depending on what codec the Blu-Ray is using, and the CPU in your system.