Basically, No. You can't.
However, if you use VLC, you can choose the video file and the subtitle file and stream the output to effectively imprint the subtitles into the video and save it as a new AVI file.
Then that AVI file would work. But its surely easier just to watch on your PC.
Try looking on http://www.videohelp.com/ if it's not there, it probably can't be done.
- Go on open file, choose your video file and your subtitle file like normal. But DO NOT click OK.
- Instead check the box that says Stream/Save and then click on the settings button
- Check "File" and then click Browse.
- Choose where you want it to be saved and give it a name. Click OK
- Under Encapsulation Method choose your file format. If youre using it for the PS3, best to choose MP4.
- Check video codec and choose h264
- Check audio codec and choose mp3
- Check subtitle codec and choose dvbs
- Hit OK
- Then OK again
- Itll look like your Video is playing (ie the slider will be moving across the progress) but no video will show on screen. Thats because its encoding. Its real time, so will take the length of the film to encode.
- Once its done, itll let you know. Wack that on your PS3 and youre done!
Hope that helped, thats how Ive just done it for "The Girl Who Leapt Through Time". There may be better/easier/faster ways but thats how I worked out how to do it and it works 100%.
This is all you need if you have the original avi file and the subtitle file (with the same name as the avi) this combines the 2 in seconds a creates a new divx file with the sub file encoded (not hard subbed). transfer your ps3 and then play the file and select the subtitle file via options (triangle button). Easy peasy. Forget MP4 files as the subs must be hard coded and ps3 can't read it.