Michael A. Jordan, an interactive technology lead at Modernista!, a Boston-based creative agency, has written a nice article on adding captions to Flash video without having to write a lot of ActionScript.
According to Jordan, "The FLVPlayback component skins with captioning support make it easy to provide captions for Flash video. The skins were originally developed to display captions embedded in FLV (Flash video) files using Captionate, but they will also display captions embedded in specially formatted Flash Video Encoder or ActionScript cue points."
Click here to read the article.