.SBV file format documentation and converter
.SBV format
.SBV is the file format outputted by YouTube's Automatic Timing feature which creates automatically timed captions based on a transcript.
SBV to SRT file format converter
I have written this tool which converts an .SBV format file to the popular .SRT format which is supported by applications such as Subtitle Workshop and VLC to make it easy to edit and re-use the subtitles outputted by YouTube. If you wish you can edit and upload the SRT file back to YouTube.