Hi
Hard to offer much advice without knowing how you plan to deliver this video but, if it was me, I'd either use the JWPlayer and XML as Tara suggested or I'd use YouTube/Google Video and their captioning system:
http://www.google.com/support/youtube/bin/answer.py?answer=100077
The YT/GV approach also means you get the added advantages of auto translation so can provide the captions in many languages. I'd also try and generate the captions automatically as, if it works well, it'll dramatically reduce the workload:
http://googleblog.blogspot.com/2009/11/automatic-captions-in-youtube.html
Cheers
Kieren
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Dr Kieren Pitts
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Senior Analyst/Programmer
Institute for Learning and Research Technology
University of Bristol
8-10 Berkeley Square
Bristol
BS8 1HH
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