I do this process by downloading subtitles automatically with http://subdownloader.net/ or manually from http://www.opensubtitles.org/en and then play the tv series directly on the tv. It's of course less advanced than this (but more easy/enjoyable). I think this approach could be good at the beginning of the learning process (i.e. I've just begun studyin' French and it's too difficult for me to watch a movie with french subtitles only)

EDIT: it's a pity it's Windows-only (Mac in the future) I'd like a Linux version or better a XBMC plugin :)