I came across MiniLyrics while playing with my new MP3 player that supports displaying lyrics. It's quite useful for understanding the song when you can see its lyrics line by line while listening. I think it would be great if we have synchronized lyrics for programs like "Audio Blog," so I did one for yesterday's program. You can see that in action at http://picasaweb.google.com/love.japanese/MiniLyrics/photo#5112048129942444130.
MiniLyrics works with most music players on computers, so most likely it will work with the one you have on your computer. It worked with WinAmp and WMP on my computer just fine.