There is an issue with the subtitles having to have the same name of the video file because It´s very common having more than 1 subtitle for a video.
In my case, I usually have one subtitle file in English and other one in Portuguese (my native language).
So I usually have something like this:
Fringe.S02E20.HDTV.XviD-LOL.pob.srt
and
Fringe.S02E20.HDTV.XviD-LOL.eng.srt
My suggestion is that once you press the UP arrow, you can select a different subtitle (as long as the name before the first dot(.) is the same as the subtitle).
So the first time you press UP it would display
Fringe.S02E20.HDTV.XviD-LOL.pob.srt
The second time:
Fringe.S02E20.HDTV.XviD-LOL.eng.srt
and the 3rd time:
Subtitles OFF.
Thank you folks and congratulations for the excellent work on WIIMC.
Cadbusca
São Paulo, Brazil.