Plan for a D7 version

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@aaron, I'd like to take this on in D7. I'm working with @emilyf on Cue Builder (http://drupal.org/sandbox/emilyf/1597640). That module is using the SRT structure and will eventually allow .srt import/export.

YouTube, Blip, and Archive all support SRT...
http://support.google.com/youtube/bin/answer.py?hl=en&answer=100077
http://support.blip.tv/entries/20490403-adding-closed-captioning-to-your...
http://archive.org/post/328198/closed-caption-subtitles

I was surprised to find that my favorite VOD service, Vimeo, doesn't support any form of closed captioning yet...
https://vimeo.com/help/faq/video#closed_captioning

After the Amara Project (formerly Universal Subtitles and supported in D6 with http://drupal.org/project/media_universalsubtitles) received $1 Million in funding from Knight and Mozila (http://techcrunch.com/2012/05/10/amara-funding/), the idea of skipping the UI altogether and just using Amara was getting more appealing. But after looking at Amara's current UI and API, it would be hard to create both a full transcription of a video AND a clickable table of contents.

The first feature of Cue Builder will be deep linking into "chapters" of a VOD with services that support that... but I've already been working with http://drupal.org/project/popcornjs.

Here's an example of Subtitles/closed caption with Popcorn.js http://fluesterwitze.apps.morgenpost.de/fluesterwitze_mittel.html

While that looks similar to what it would look like if the subtitles had been added to YouTube, they are being overlayed using the Popcorn.js and javascript like this...

// VIDEO-TITLES UND BAUCHBINDEN

         fluester.footnote({
        start: 39.2,
        end: 53.6,
        text: "<span style='margin-left: 24px; color:black; background-color:white; size: 24;'>&nbsp;&nbsp;&nbsp;Quelle: <a style='color:black; text-decoration:underline;' target='_blank' href='http://www.imdb.de/title/tt0405094/'>Das Leben der Anderen</a> - Auf DVD erhältlich&nbsp;&nbsp;&nbsp;</span>",
        target: "infobox_quelle"
		
       })

        fluester.footnote({
        start: 54,
        end: 57,
        text: "<span style='color:white; background-color:black; size: 110;'>DDR-<br/>FLÜSTER-<br/>WITZE</span>",
        target: "infobox"
		
       })
        
	fluester.footnote({
        start: 57,
        end: 60,
        text: "<span style='color:white; background-color:black; size: 100;'>PROTEST HINTER<br/> VORGEHALTENER<br/> HAND",
        target: "infobox_klein"
		
       })
	
	fluester.footnote({
        start: 65.4,
        end: 68.3,
        text: "<span style='color:white; background-color:black; size: 42;'><strong>Prof. Dr. Rudolf Stöber</strong><br/><a style='color:white; text-decoration:underline;' target='_blank' href='http://www.uni-bamberg.de/kowi/personen-einrichtungen/rudolf-stoeber/'>Flüsterwitz-Forscher, Universität Bamberg</a></span>",
        target: "infobox_bauchbinde"
		
       })

Popcorn integration is really going to change a lot with media in Drupal. There's no end to the crazy things we'll be able to do, but that's icing. Captions is cake... or maybe even vegetables. Captions are both needed and fairly easy to achieve, so that's where I'm planning on starting.

Can I get access to develop that in this project w/ Cue Builder and Popcorn.js as dependancies?

I like Popcorn.js from Mozilla's team. I can't approve anything for this project, but sounds like you've got some great ideas to make this work better. What access do you need? I'm interested in testing your solution.