This _may_ be a known issue that some version of MPlayer is unable to load external subtitles. Could you try using the latest version of MPlayer (1.0rc1 or svn) and see if it works?
** Changed in: mplayer (Ubuntu)
Assignee: (unassigned) => Matt Sicker
Status: Unconfirmed => Needs Info
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mplayer doesn't load subtitles
https://launchpad.net/bugs/62645
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