SubRip

SubRip is a software tool designed to extract subtitles from DVD files, thus offering you the possibility to translate the file or modify it to be used on another version of the same movie.
You may find the interface a bit difficult at first glance, and chances are that beginners might feel the need for a help file. Unfortunately, there's no available documentation, so the only way to get more info on its features is to search the web.
SubRip allows you to open VOB files, image sequences and other subbed video files, providing a bunch of options to configure the process. For instance, you can enable Right2Left processing, use VOB's subtitle map or IDX's file offsets, configure maximum subtitle duration and pause time.
It supports multiple output formats, each with its very own settings, as follows: SUB, TXT, SCR, SRT, STL, PSB, TTS, ZEG and several graphical formats such as SST and SON.
Of course, there are dedicated tools to split the output file; for time correction, you can choose the time offset and stretch, but also minimum interval between two subtitles.
SubRip is very friendly with computer resources and works pretty smooth on all Windows versions without hampering performance in any way.
All in all, SubRip may come in handy to many users, but it still needs several improvements. First of all, it must boast a more user friendly and straightforward interface and secondly, a help file to assist users. Nonetheless, it's still worth a try.