You can include the following within your question:
Once inserted into the question the transcript is included in the question. On display the student just sees a ‘display transcript’ link. Click on it and the transcript appears in situ.
Example: <p><a href="http://learn3acct.open.ac.uk/draftfile.php/267/user/draft/117435983/NG_02.flv?d=400x300&subtitles=abc.srt&image=daj.png">video</a></p>