5) Go back to the Homebrew Channel, insert a DVD movie of your choosing into your Wii and start the MPlayer app. To play the movie, select "DVD-Video" from the MPlayer menu, and then "Play DVD" (or "Play Title #1"). After a few moments your movie will load and you'll be enjoying a feature that should have worked out of the box to begin with!

*I should mention that while this method does work, the MPlayer software is currently pretty buggy. DVD menus are pretty hit or miss and not every movie I tried even plays. Hopefully they update the MPlayer software at some point, but I suspect it was more a proof of concept. There's always a certain amount of risk with installing unofficial, third party software, but hey, that's part of the fun. In any case, the Homebrew Channel is a really cool piece of work and will definitely breathe new life into your neglected little Wii.