Subs and videofile must have same name. Make a folder, put the subs and videofile in same map. Give the same name to both like 20-1.srt (for subs)
and 20-1.avi for videofile. That's it. Dubbleclick videofile and vlc should start with subs on it.
That's what I've been doing since the beginning, though I don't have a MAC lol.
I download the videos from the official youtube channel, and then Erkan's subtitles, and I play them in VLC player.
I cannot watch a 40 minutes streaming video, my connection is too slow for that.