While there is a lyrics tab in iTunes, let’s face the music, folks — barely any of us ever use it.
But perhaps that will change as now there’s a shareware app called CantoPod, which connects to LyricWiki (yes, a wiki for lyrics).
Of course, there’s a way to automate this tedious process, as Macworld’s Kirk McElhearn informs us:You can go a step further and automate searching for and adding lyrics as you listen to songs in iTunes. With Eternal Storms Software’s GimmeSomeTune (payment requested; www.eternalstorms .at), you can hunt for lyrics each time you play a song in iTunes (the program won’t overwrite lyrics you’ve already added). If GimmeSomeTune finds lyrics, it pastes them into the song file. The program doesn’t stop at fetching lyrics, though. It can also grab album art and display a floating window with the lyrics (via a keyboard shortcut or a menu selection), and it has a slew of iTunes control features, such as hot keys for controlling iTunes and setting ratings.
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There's a much easier way using a great dashboard widget Sing that iTune. You can set it to automatically download lyrics into itunes.
http://www.apple.com/downloads/dashboard/music/singthatitune.html
The wonderful Pear Lyrics widget did it all automatically but the record industry threatened to sue and they pulled it. You can, however, still find it on the net.
I just downloaded MP3freaker for this very reason and even better, it cleans up ALL of your MP3 tags, including filling out the year, track number, album, artwork and lyrics--amazing program and well worth the $20. It does it via batching, so you can select a whole playlist and let it rip!