The following tool works good for extracting movies, bitmaps, wave and MIDI audio. It comes in two versions; a shareware version (3.23) that is fully functional for 30 days and the freeware version is the 2.53 release.
http://homepage2.nifty.com/%7Emkb/PsxMC/index.html

Video editor
http://virtualdubmod.sourceforge.net/

Plug-in for video editor that allows for the insertion of subtitles
http://www.afterdawn.com/software/video_software/subtitle_tools/vobsub.cfm

Subtitle creation tool
http://www.urusoft.net/home.php?lang=1

Guide w/ pictures
http://forum.videohelp.com/viewtopic.php?t=272736

Nope I am not forgetting, this is work that the translators/transcribers can do without having to wait on anyone  . I hope this can serve as a way of keeping the project moving forward, so that maybe down the road other projects can begin  .