I think you can dl a movie to any computer or TV if you access Netflix through it AND have an account that allows "instant" movies. There is an app called "Movies" (has a popcorn box as an icon). Can't remember if the X already had it or if I dl it from market. I think it's free. Anyway, it connects you with Netflix (and other movie sources) and your account(s) there.
The Blockbuster app isn't the greatest....sometimes it works while other times it's useless. Waiting on the Netflix app to come to Android.... hopefully soon. You can do like Arelunde suggested but its only good if you're near a computer....which in that case I'd personally just rather watch the movie on the computer.