Applications

Media Players

VLC Player
VLC (initially VideoLAN Client) is a highly portable multimedia player for various audio and video formats, including MPEG-1, MPEG-2, MPEG-4, DivX, MP3, and OGG, as well as for DVDs, VCDs, and various streaming protocols. It is in our eyes the best video player with subtitle support, this is what we recommend you to use!

Windows Media Player Classic
Its small size, low memory footprint, and numerous features make this the media player of choice, but you must add the proper codecs to perfect this freeware. This program also plays most audio formats. Also supports subtitles.

SMPlayer
SMPlayer intends to be a complete front-end for MPlayer, from basic features like playing videos, DVDs, and VCDs to more advanced features like support for MPlayer filters and more.
One of the most interesting features of SMPlayer: it remembers the settings of all files you play. So you start to watch a movie but you have to leave... don't worry, when you open that movie again it will resume at the same point you left it, and with the same settings: audio track, subtitles, volume...

Codecs

XViD Codec
You will need this codec to the above player to view DivX/XviD videos.

AC3 Filter
This is also required for Windows Media Player Classic to play AC3 videos.

CCCP (Combined Community Codec Pack)
The CCCP (Combined Community Codec Pack) is a DirectShow filter pack, contains a lot of codecs, and it doesn't contain any spyware unlike many other codec packs. It also gives you a few other

Subtitle extension

Subtitles

SubDownloader
SubDownloader is a program for automatic download/upload subtitles for videofiles (DIVX,MPEG,AVI,VOB,etc) and DVD's using the hash value of your video file, so you will always get a proper synced text!

VobSub
A AVISynth/AVIUtl/VirtualDub plug-in + directshow filter for extracting subtitles from DVD VOB files and displaying them in your DivX movie during playback. Simplyfied, this program is an addon that works with many players, that adds subtitles on the video.

Subtitle Workshop
Subtitle Workshop is the most complete, efficient and convenient freeware subtitle editing tool. It supports all the subtitle formats you need and has all the features you would want from a subtitle editing program. Subtitle Workshop makes subtitle creating/editing/converting tasks almost a pleasure. It includes spell check function and an advanced video preview feature which will ease the task even more. The best choice for the beginner, expert or the fansubber.

Gaupol
Gaupol is an editor for text-based subtitle files. It supports multiple subtitle file formats and provides means of correcting texts and timing subtitles to match video. The user interface is designed with attention to batch processing of multiple documents and convenience of translating.

SubEditor
It is not preferable when subtitling, but when it comes to fixing and correcting errors/grammar/OCR/capital/names it is one of a kind.