go to http://www.3playmedia.com/2010/07/14/how-to-create-free-high-quality-captions-with-the-help-of-youtube/ to follow along
1) Upload to youtube, then wait for until the machine created subtitles are done.
2) Download the sbv file and open in textedit. Copy to clipboard.
3) Paste into http://www.3playmedia.com/resources/caption-format-converter/ and convert to .srt
4) Open http://subtitle-horse.com/, open your youtube video and import the .srt file.
5) Edit the subtitles as needed
6) Save the .srt export
7) Upload to youtube to replace the janky machine created version.
Note: Also handy for subtitling files
Note: Also handy for creating relations to 'entities' - people, places, things discussed in the video