If I use a component cable to connect my LCD tv to my PS3, will I be able to play Blu-Ray DVD's?

May be...

I have my Playstation 3 connected to my JVC LCD television using the component cables and a resolution of 1080i

Will I be able to watch Blu-Ray DVD's using these settings?

Absolutely. The only way to view them in High Def is by using component or HDMI cables. If you use composite cables you will get a 480i signal. Make sure you don't forget too go to the Video settings and change the signal output to component. You'd be surprised how many people forget to change the settings and waste hours of time thinking they have messed something up.

You don't need any specific cables to be able to play blu ray but the component cables enhance the picture. From lowest to highest, av cables the one's it comes with, then s video in the same the yellow one by it self, then component, hdmi is the best. I personally have hdmi and the picture is amazing so clear.

How did u manage 1080i using component?? unless ur using YPbBr component cables...but then try to change ur resolution to 1080p cause its the highest Resolution bluray can offer and even better if ur using HDMI cables bluray films will look awesome!!(if they are kinda new films from 2006... older films looks like regular dvds cause of technology used to film back then)

Yes, and it will look amazing.

yes it will, although it wont look as good as if you were using HDMI but it will look really good!!!