It was sort of ritualistic at least traditional to visit your local rental store and pick out a tape or DVD to enjoy with friends or family.
But with the right home setup any night can still be movie night.
My brother set my mothers computer up to work with a projector and we covered the wall over the fireplace with a white sheet of cloth. Now whenever we feel like a movie night we simply put on the projector, turn off the lights, download a movie or find one on YouTube and simply watch it full screen on the projector.
Not as good as a genuine cinema but it is next best thing.
Also, I myself don't have a computer monitor. I'm on my PC, browsing the internet with my HDTV which is better than a cramped monitor.