kyhwana2: Don't bother buying a BD player if you only have a SD TV. Buy a cheap DVD Player.
Ignore the other people telling you to buy a BD player now, since by the time you upgrade your TV, BD players will be cheaper/have more features, etc.
My logic being you're spending $199 vs $99 for a Blu-ray player, and then you won't be re-purchasing Blu-rays to upgrade your DVD collection later.
Or, alternatively, when you do get an HD-TV you've already got a decent library of things to watch on it.