Subtitle an MP3--what tool?

[derik]

This is a rather odd question...
I have a MP3 (let's say a podcast) that I want to translate into another language via subtitles.
If this were a video file I'd just use a SRT and let VLC sort it out. But it's pure audio.

I've seen this done in the past by basically adding a video track that's a static image (that's how you generally see things like this on YouTube) and subtitling over that... but that's a horribly lossy (in terms of filesize) approach for what's basically embedding a text track.

What's the "right" way to go about this?