Source and Snippet (Sign up information at link as well) below from http://www.teamliquid.net/forum/viewmessage.php?topic_id=284198:
What is Community Captions?
Community Captions is an initiative sparked by necessity. The deaf members of the Starcraft 2 deserve to be able to take in the full experiences of the tournaments we watch every day, the dailies and weeklies and all of the other entertaining facets of the Starcraft 2 community.
What is the Mission of Community Captions?
The mission of Community Captions is to transcribe events like the GSL, NASL, MLG, Day Daily, State of the Game, and others for the deaf members of our community. The goal is to have every event fully transcribed within 2 days and available for the entire community.
How can I help?
There are two ways you can help: by signing up to help transcribe a certain event every day, using the sign up form below, or by freelancing and transcribing whenever you can. Since there is so much going on every day, from the dozens of tournaments to the innumerable shows and podcasts, it would be impossible for a small group - let alone a single person - to do all of the work. If we want to have the transcriptions available in a timely manner, it'll take a lot of generous and dedicated members of the community. But that, at the very least, I know we have in the Starcraft 2 community and especially the one here on TeamLiquid.net.
So if you would like to help out, or just want to support the initiative, let us know. Being able to better incorporate the deaf community into our Starcraft 2 community can only be a good thing in the long run.
How does this work?
My idea (and a rough one at that) would be to compile transcriptions as .rtf or .doc files, and use site like Google Docs to host the transcriptions. An organized list of the transcriptions would then be available here for people to open up and view alongside the video. I'm currently working on a transcription of game 1 of GSL Code S Group C for an example of how I would use this.