Yeah, everything you need is also
Aegisub, except for the karaoke script generator, you can make some fancy stuff with the click of a button (after you've timed it).
I used Vdubmod for a while to deal with VBR audio I think and pulling streams out of mkv, very handy. Also making mkv until I found MKVtoolnix. I don't recall want it does beyond that(over standard Vdub), maybe making those abomination multi-stream AVIs?
@Tatsujin
Would you like to start by learning timing and then work up to karaoke? I think it would help to know how timing and typesetting work before working on karaoke, they are kinda the building blocks.
I found a nice
video tutorial for Aegisub(I won't have time to watch it till tomorrow but it looks helpful), check it out and read up on the tutorials
here.
I got the raws for Jigoku Sensei Nube OVA and Movie, looks good. Anyone interested?