Google has added a new feature to Google Videos: Closed Captioning! That’s right, you can now spend your time adding captions to any videos that you upload. They did it the easiest way that they could but it would still be pretty tedious if you were doing it for a long movie.
The instructions on how to do it are located in their help section. Basically you provide the caption that you wanted displayed along with the start/end time to display it.
Here is an example movie of how it is used (and this is one of my favorite videos on Google Video):