YouTube added a cool feature for videos with closed captions: you can now click on the “transcript” button to expand the entire listing. If you click on a line, YouTube will show the excerpt from the video corresponding to the text. If you use your browser’s find feature, you can even search inside the video. Here’s an example of video that includes a transcript.
YouTube lets you upload a transcript file for a video and it can automatically generate the appropriate timestamps. “YouTube uses experimental speech recognition technology to provide automatic timing for your English transcript. Automatic timing creates a caption file that you can download.”