Youtube added support for SRT subtitle files but there's no way to access them with the youtube API. Even if you could enable them, the subtitles appear with a black background and wrap too much due
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to a limited width. It's not too pretty, and there's no way to switch between languages.
This project includes a php parser to convert an SRT to a javascript array that can be synced with the chromeless player. Since the output is javascript the parser has the potential of modifications to support custom formatting like bbcode or even adding dynamic js effects. [Less]