Quoting Tshepang Lekhonkhobe <tshepang@gmail.com>:
Hi, I like vob's abilities to be able to store more than one audio track as well as various subtitles in a single file. Is there another format capable of this? What about Theora?
I dont know about Theora but I have observed that Matroksa has that feature. http://www.matroska.org/VLC supports the format just fine. It is available under a LGPL/ BSD license mix and widely used in the Anime scene.
manfred