YouTube is comming up with channel 2.0.  Have a look at this video to know about the features Also you can look here for more details: http://www.youtube.com/blog?entry=gp6Wr8yTSvY

This tutorial will show you how to add up Captions in English as well as native language to Youtube video or better adding a subtitle to Youtube video.This doesn’t refers to any doc or something but i guess the first simplest tutorial on the web for this new feature without using any third party software. [...]