Hi, I'm trying to see if there is a way where I can separate the audio and video from a 48 kHz 2 Channel file from a DVD. My question to you guys is...is it possible? If so, please tell me how, I would greatly appreciate it. :)

Bump...anyone?

DVD Decrypter can extract audio from a DVD, but it'll be in AC3. You can get an AC3 plugin for most mediaplayers like foobar, winamp and xmplay and output the file to wav with those.

Here's what to do with DVD Decrypter (http://www.dvddecrypter.org.uk/SetupDVDDecrypter_3.5.4.0.exe).

Go to mode and select IFO. Then go into stream processing and untick everything except the audio track and set it to demux. You can then press decrypt and it'll output the AC3 file.
I use xmplay, so i can give a quick tutorial on how to convert the AC3 to wav using that.

XMPlay (http://support.xmplay.com/files/20/xmplay36.zip) & AC3 Plugin (http://www.un4seen.com/filez/2/xmp-ac3.zip). Just put the plugin into the main xmplay folder. Open xmplay and go into the options and then output at the bottom. Set the Device to WAV Writer and sample rate to 48000, then press apply. Drag the AC3 file into xmplay and play it, it'll output the wav file to the directory you choose.

That's it.