Create synched lyric display

I would like to create a synched lyric display for mp3 tracks stored in my 
collection, similiar to the MiniLyrics application.

For example, if the line "There was a man, a lonely man" appears at 8
secs 
into the track, I want the words to appear at that point. Does one use the 
TTimer component, etc, or is there a better method?

Thanks in advance.