No, there isn't simple way
But there is a way...
Unfortunately this method has some restrictions. You must multiplex you video and audio files as SVCD. Your player must support SVCD with subtitles either svcd style or cvd style subtitles.
Software:
Subtitle Workshop
MaestroSBT
WinSubMux
bbMPEG
If your movie is already multiplexed as SVCD go to 2.
1. Demux the mpg to m1v and mp2 files with TMPG (I didn't put it as required software as you must have it to produce KVCD)
Multiplex the m1v and mp2 using bbMPEG as SVCD mpg
2. Load the srt file in Subtitle Workshop. Save it as ssa file (Sub Station Alpha). Open the ssa file in text Editor. Edit->replace - type search for "\n", replace by "\N". Click "Replace all". Wait. After the editor has done save the file.
3. Start MaestroSBT, open the ssa file. At the right side of the screen you have several buttons. Set Files - choose the folder where the bitmaps to be saved. Render - select submux (.sub). Select you resolution, if it is non-standart, select SVCD (NTSC or PAL). uncheck sticky colours. Select "only one color....". Click OK. Timing - select from dropdown menus in and out timing (given in framerate) Usualy should be the same. Styles - double click on Default and you should have another screen where one can change everything about font styles, sizes, colours, also margins and so on. Segmens - well I've never used and realy don't know the purpose. Prerview and Edit - you can preview the subtitles appearance position colors and so on. Also give a possibility to edit the stuff. The last button is Generate. Wait. you have the bmp's and a file with extension .sub in the folder you specified before.
4. Start WinSubMux. Load the mpg file - WSM auotmatically will output a mpg file with the same name+SUBBED.mpg. Load the sub file as stream #0. Now in the down right corner one should select the subtitle type - CVD (aka
China
Video
Disk) or SVCD. Click Multiplex. Wait.
Ater the process is done author and burn the *-SUBBED.mpg AS SVCD (not VCD!!).
Check with your DVD player.
One more restriction - there isn't to date a software player capable of displaying such a subtitles. Therefore preview with PowerDVD, WinDVD and so on make no sense - you couldn't see any subtitles.
The last hint - it seems that most DVD players support CVD style.
So and good luck!