I don't have a DVD drive in my Windows Media Center PC that's connected to my TV. I was wondering if there's a way I can insert the disc into a networked PC that has a DVD drive and watch the movie on my Media Center PC.
Yes you can share a dvd drive just like any other drive. To set it up right click on the DVD drive and select
This may work if the dvd is one file/encryption/legal stuff isn't a factor. (ex. a burned DVD) but to play a dvd on the fly you may have to look into something like anyDVD(as talked about in my link). it will decrypt the dvd on the fly as you are streaming it across.
You can check out this link for a discussion on the topic.
All in all if sharing the drive does not work, then you will need to use software as mentioned above in order to do that.