Came across a movie on Usenet that I'd really like to watch... but the video is not in English (SVCD PAL format) and came with selectable subtitles. Sadly I do not have the ability to play this as it stands (my standalone DVD player doesn't support this feature, and there's no Win2K compatible software player that can do selectable subs that I know of).

How do I go about converting this so it has hard subtitles? Ideally I'd like to keep it in SVCD format (and even move it to NTSC format at the same time).

I've pulled down the latest version of VirtualDub and tried the "proxyon" but that did squat... I'd like to think I'm not a total newbie here, but this is out of my normal depth.