First off, you usually don't want subtitles in your DVD rips if you're using them for AMVs (and you probably are, if you're posting here). There are easy ways to extract the subtitles from VOBs and superimpose them onto the frames (i.e. VobSub for VirtualDub), though.
Secondly, Premiere will not import VOBs directly; you need to demux the video stream(s) to an editable format. REFG for tips on how to do this. If you wish to do something with the audio, you'll need to seperate those out too, but it's essentially the same process.
Of course, if all you want is a DVD -> (insert your favorite movie file format here) conversion, don't ask here -- go read
here.
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