Hi, Can anyone help me, i have a dvd player on my computer, is it possible to play dvd's on my computer but watch them on the television, ie buy a graphics card with a tvout and connect it to the television, rather than waste money on buying a dvd player...

Yes, lots of people do this. ATI graphics cards are particularly well suited to it, but there are others. Have a look in the graphics cards section of this site for more information.
Alex