Can anyone recommend video playing and/or editing software that can index a video library to allow fulltext search over the subtitles? Eg, it should playback videos starting at the point where the matching search result is found. Ideally it would also offer editing features to, for example, easily make a “supercut” showing every time that a certain phrase is spoken.

Answers involving non-free as well as free software are welcome; I’m really looking for free software but I am interested to know of anything like this that exists.