I just answered my own question regarding lyrics with time codes.

This page says that not only is it already a defined standard, but there are standards for both synched and unsynched lyrics, as well as exact tempo indicators and event timing indicators (useful for vis programs). You even get to choose whether to use milliseconds or Mpeg frames as your timing reference. Not only that, but you could even store the chord changes right there along with the lyrics, so us guitar players could play along.

Like I said, that would be so cool as to induce cranial combustion. Now, if only the CDDB could start storing that data for us...

Tony Fabris
Empeg #144