The rorta forums is reporting that there is a hack that allows you to rip the streaming watch-now movies from Netflix and save them on your PC. A forum member at rorta who goes by the name of "Dizzie" uses FairUse4WM, Windows Media Player and Notepad.exe to rip streaming movies for watching later. I don't know if this works, but others on the forum are reporting successful rips using the method.
I personally don't see a need for it as the movies on Watch-Now are a bit dated or less-popular at least for now. Also, since I have an HTPC, I can watch those streaming movies on my living room TV without any sort of hack required.
If you're curious you can check out the hack and instructions over at the Rorta Forums