it lets you see the lyrics of your songs if you put them in the lyrics section.
to do this right click(assuming you're using a PC, and if not then do whatever a mac person would do) the song you want and then click on "get info". from here you'll see a lyrics section where you can put the lyrics.
I've been able to pull a lot of current lyrics from www.iradioapp.com. If it's on the radio currently, then you can find it there. Sometimes for older songs you can get lucky on the stations that have a "broader" listening audience ("We play all the hits from the 60s to the 90s")