ai4spam continues the developing of subrip, he added support for ripping subs out of avi files that contain them hardsubbed. You can download and test it -
http://zuggy.wz.cz
beta 3a: LRN of TeMa=) team added experimental 3GPP Timed Text (*.ttxt) support (
http://gpac.sourceforge.net/auth_text.php), without color support though.
beta 4: Bugfix release only (crash when editing a Character Matrix file)