Fleex is based on VLC, and will read any video on your hard drive. Select a video file: fleex finds the right subtitles for you, in a matter of seconds. Click play, and fleex takes you to the cleverest video player, with features such as dual subtitling, instant translation, idioms recognition, and more. All in 29 languages!
To see fleex in action, check out the following Youtube video: http://www.youtube.com/watch?v=n4Hcbi7QL-U