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You can use the 'j' and 'h' keys to change the position of the subtitles in real-time. This doesn't affect the speed of the subtitles though.

This does only work with text-subtitles. DVD-subs or bitmapped subs (such as VobSub) don't work. Additionally, this feature is completely broken in later versions than 0.8.2, but it does still run in that release. That really is too bad. I hope this features gets fixed in later releases of VLC and ...

In my VLC 0.8.2 under "Preferences" -> "Video" -> "Subtitles / OSD" with the "advanced"-box checked on, there is an option called "force subtitle position". When hovering the mousecursor over this option, an explanation pops up, saying you can use th...