Yes, there are several subtitle-utilities which you could use to do just that:
Vladimir's subsync a very simple and basic utility (which does the job it is supposed to do perfectly for only three types of subtitlefiles, i.e. SAMI, SubRib and MicroDVD or .smi, .srt and .sub; I must say I use it all l the time
(in combination with Notepad))
Then there is
SubtitleWorkshop which covers a huge number of subtitle-types and has a lot more options and possibilities, but there are more subtitle-utilities, e.g.:
SubMax. So you have a choice!