Overstream: free online subtitle editor
Overstream is a free online editor for creating and synchronizing subtitles to any online video (YouTube, Google Video, MySpace Video, Veoh, Blip.tv, Archive.org and Vimeo.com), store subtitles on the Overstream server, and send the link to the subtitled video to other users, friends or colleagues.
Overstream supports all languages, however, in order to work, the language must be installed on the viewer’s computer.
For more information, visit the FAQ section of the webste http://www.overstream.net/help.php
more on subtitles in this IMS blog