Lingual Media Player

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.