If you can bear it (I've found on my EeePC it makes very little difference in reality to watching films), turning the backlight down on the screen will save you a fair bit of power.
Things which take a lot of energy are things which move (hard drives, DVD drives etc.). If you can avoid intensively running the hard drive, and instead run if off solid state storage, that's likely to save you a bit of power. Bear in mind, your OS will be accessing the disk, and it'll still be spinning, so I'm not sure if this will actually save you any power, since the disk won't be off.
Alternatively, get yourself a live distro that'll boot off a USB stick and loads entirely into RAM, and then run the films off another USB stick (solid state). This should reduce power consumption, although you might find you don't have all the fancy ACPI stuff set up properly. You should be able to run the laptop without spinning the drives very much, and as soon as the laptop realises they're not being used, it should power them down anyway.
Best way is probably to try a few different methods, and see how you power usage varies. Then, pick the most efficient.
All of this is off the top of my head, so no guarantees what I'm saying makes any sense