Features:-

Line by line translation
Uses Babelfish, so an internet connection is required
Import/Export of subtitles in .srt format

Instructions:-

Unzip the archive
Launch the standalone .exe file
Browse for your subtitle
Choose your language
Click translate - it may take about 15-20 minutes to translate, you computer hasn’t hung dont worry
When the status bar says “Translated”, save your file to a desired location by clicking “Save as”

This is an alpha version which may have have some bugs, but it works!
 
Download subtitle-translator.zipsrt standalone subtitle translate translator