I love to work with target language subtitles in the media-rich environment of the Language Resource Center: Target language subtitles provide readily available transcripts of non-ephemeral, often authentic target language to base language learning exercises on.
More and more target language subtitles are included in newer editions of movies. In addition, projects that crowd-source subtitles for other video materials, have sprung up on the web also, e.g. http://www.universalsubtitles.org/en/ . So if you just want the transcripts to build language learning exercises from, you have a variety of choices.
If however you think “Der Weg ist das Ziel” and the listening comprehension and writing activities in creating subtitles are valuable language learning exercises in themselves, the Sanako Student player comes with a subtitling mode:
In the following screencast I subtitle one of my own training screencasts (explaining how to access timestretched animated GIFs for practicing Chinese stroke order in the LRC environment) in a 3-step process: type along as fast as you can while listening to a first run of the screencast; listen to the screencast again and correct errors; finally, to adjust the timing of the subtitles (which the Sanako makes especially easy), listen to the screencast for a third time (talk about “massed presentation”).
Issues (BSODs) have been reported with simultaneously running USB sound-card driven headsets and on board audio, which have been alleviated by either USB soundcard driver updates or disabling the onboard audio or both.
To be safe, we do the latter, on this screen of the Dell-Optiplex-760-bios: f12 / System Setup / Settings / Configuration / Miscellaneous Devices (you need to push button “Unlock”and issue the BIOS password to make changes):

Dual audio is also a potential source of confusion for the user. This is the reason why we prefer hiding the MS-Windows Volume control icon in the notification bar – a setting in the control panel / sound and audio devices:

We rather stir the user to the Sanako student player audio volume slider as the single point of entry – and one which can be easily seen by the teacher: see Study 1200 teacher / PC Control / Show the student player).
This comes with added responsibility for the teacher, as the Sanako student player audio volume slider does not control the WAVE volume level. Ensure proper setting of the WAVE volume level AND proper source audio levels – or use our TBA:teacher lab audio control extensions to control the WAVE levels on student computers.