Ok. There's been some progress on this. It's not perfect yet but it's a start.
I found a small application program that'll just play the subtitles file. Here's a screen shot I made of subtitles that match a video on youtube.

The black box below the video is the subtitles player. I just had to download the matching subtitles.
It's a little tricky to get the timing of the subtitles right but it is possible.
I'm hoping that some of you can give it a try and share any suggestions you might have. So below I'll link to everything you need to try it out.
Ok, we'll use the video I used in the above image and I'll walk you through how to use it.
The video we'll be watching is found here. Just download the compressed (zipped) file. Uncompress/unzip it and save it on your computer (.srt files are very small text files).
The matching subtitles (.srt) file is here.
Now you need the subtitle player. It's a small program and I had no trouble with any kind of spam or anything like that. Click here to go to the page to download the subtitle player.
Once you have the program then open it. Click the "Browse" button and open the subtitle file you just downloaded.
Open the youtube video linked to above.
Now this next step is very important. When you start the subtitles player it'll automatically jump to the first line in the subtitles. To help explain here are the first few lines of the above subtitles (.srt) file.
[CODE]
1
00:01:10,717 --> 00:01:13,481
- Bring it in, Gordon.
- Okay, Dad.
2
00:01:13,553 --> 00:01:16,646
All right! Way to shoot, there.
You look good, son.
3
00:01:16,722 --> 00:01:18,656
Thanks.
4
00:01:18,724 --> 00:01:21,716
Listen, i want you
to remember this pond.
5
00:01:21,793 --> 00:01:24,887
No matter how far you go,
don't forget your home.
[/CODE]
Notice the first line of the subtitles file starts at 00:01:10,717. This means that when you start the subtitle player it'll skip to this first line right away. So you're timing will be off from the video.
So what you do is you first let the video run and push the play button on the subtitle player when the video reaches 1:10. I hope this makes sense.
I've been experimenting with it and have been able to watch some online TV episodes and movies using this. It can be tricky to get the timing right but it's a start.
I hope someone can give this a try and I hope someone finds this useful.
Ron Jaxon