I don't personally use Ulead. But if it's anything like traditional editing softwares, you simply drag and drop the video clip into the tracks, add whatever music you want in the audio tracks, then cut out the parts you don't want and move the rest together into a continuous short film...
As for texts, it depends on the program. Usually I just create title cards in photoshop then composite onto the footage. If you've got ALOT of subtitle then you might want to get something else. I doubt that's the case but if you need I know of a few programs that will code SRT / sub files into videos.
Oh, make sure you compress the video. I've seen posts on other forums asking how to upload a 2 gig file... LOL
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