This project is worth checking out -- it seems there is both an online and download version:
http://lifehacker.com/lamp-teaches-you-a-foreign-language-via-movie-and-youtu-511654625
http://lingualmediaplayer.com/en/
Like any tool, especially a free one, you've gotta want to make it work and put in the requisite work to do so. This doesn't magically create the subtitles -- instead you need to get them online from opensubtitles.org or other similar places.
