DISCLAIMER- I am not a lawyer. I don't pretend to be a lawyer. I don't want to be a lawyer. Don't call me a lawyer. This is not legal advice. It is the thoughts and musings of some poor soul trapped in a dark edit bay for 10 hours a day waiting for something to render, trying to connect to the outside world.
1) NO. The sales agreement that you (unknowingly) enter when you purchase a DVD/bluray/netflix/itunes download is that those are for your own private viewing pleasure (unless you rented Waterworld). There are reams of data on why, and the number of people you can have watch at one time. Basically if there is a publisher/distributor involved, you can bet big dollars there are limitations, and even if you aren't making any money on the viewing, you may potentially be preventing the people from purchasing thier own copy.
2) Again, any film with a publisher or distributor in the pipeline would have to be contacted for rights to display the film. Unless it is public domain. You need to have the permission of the entity that owns the distribution rights to the film. If its a reduser.net member's indie, you need to have their permission.
So, it might not be as easy as you think, but you also might get a great response from smaller filmmakers that are looking for places to show thier films.