like from one of the WPP Rockman.Exe Episode? well I use Vegas 6 and I crop the video (removing a little from the top and bottem on the clip) and thats how I get rid of both the Timestrap and the Subtitles.
you can also you Vdubmod to Crop your AMV.
read this Tutorial made by Synchro-Kun on how to remove the subtitles and crop your AMV
http://rockmanamv.com/crop.php