I can read subtitles with kmplayer front-end using same name than avi file, and with mplayer as video output

mplayer 1.0rc1maemo29
kmplayer 0.9.5-2

And Mplayer in CLI (command line) shows subtitles even without parameters

#mplayer /media/mmc2/myvideo.avi

for different file names...

#mplayer /media/mmc2/myvideo.avi -sub /media/mmc2/mysubtitle.srt

my old message:

I think we should specify the version number of apps in our comments, in these case the version of mplayer and kmplayer
I think this is more useful than to speak about repositories, because repositories aren live environments.