If you wish to play the subtitles in Media Player Classic, or another DirectShow player (WMP included), then 
install VobSub (check guides online). You can also use VobSub to change the color, placement, etc. of the subs. 
Extract the subtitle files from the RAR, and place them in the same directory as the video, with the same name 
(except for the extension, of course).

If you're using VLC Media Player, extract the subs, place them, and name them as above, but when playing with VLC, 
use the Video menu and go to Subtitles Track, and choose your subs. You will have to use VobSub or similar if you 
want to modify the placement, color, etc.

To get the subs into text (SRT) format, there are many tools that can help you... Google around, or try subtitle 
download sites.