Update: Popcorn Time is gone. No, it’s apparently back.
Popcorn Time is a free application that streams torrents and plays them instantly in your browser. Basically, it’s like Netflix but more efficient, and much of media in the world is available to you. The developers say “it works as a browser that uses HTML, CSS and JavaScript to serve the movie streams”. See their FAQ for more details.
The program is currently in beta and available for Linux, OS X 10.7, and Windows 7 and above. It installs like any other program and doesn’t require any special network configuration.
I recommend preserving your privacy by using a VPN while using this application, and of course consult the internet to determine the legal status of torrenting in your country.
It’s actually http://popcorn-time.tv/ now.
It might be back. https://github.com/Yify/popcorn-app/releases/tag/v0.2.7-beta