Use a .SRT subtitle file on PS3?

Has anyone figured a way out to play a movie and load a .srt file on the PS3? I've been looking all over and haven't seen anything other then converting the movie and hard coding the subs into it. The problem with that is all the programs I've tried have significantly reduced the image quality even though I set the settings to max.

Anyone know a way to use a .srt file with the PS3 or a program to hard code the subs onto the video?

Thanks