VisualSubSync is a subtitle program using audio waveform representation as it's cornerstone.
SRT and SSA/ASS subtitle formats are supported.
It also provides some tools (error checking, speed indicators, network suggestions) to help improving the quality of your subtitle.

Current version is 0.9.15 (Changelog)
Click here to go to the download page

Making a transcript of your favourite TV series
Synchronizing an already made transcript

WAV Display Control

Homepage : http://www.visualsubsync.org
Project homepage : http://coreforge.org/projects/visualsubsync
Bug report / feature request page : http://coreforge.org/tracker/?group_id=29
IRC : irc.corecodec.com - The channel is #VisualSubSync and I'm usually available here between 19-22h GMT+1. (Web client)
E-mail : It's available in VSS about box.