The .LRC file format (Wiki?)

I have discovered info on .LRC files!

Setting up a .lrc file
This will be the hardest part of creating a stepfile, but it's cool

Step 1: Get your lyrics
Obviously, to set a lyrics file, you'll need some lyrics.

Sites:
http://www.lyrics.com/
http://www.azlyrics.com/
http://www.songlyrics.com

http://www.stlyrics.com/ - For soundtracks
http://www.rapgenius.com - For rap songs
http://www.animelyrics.com/lyrics - For anime

Also remember that google is your friend.

Step 2: Copy/Paste your lyrics
This is the easiest step. Just go into notepad (or gedit, if you're 1337) and copy & paste your lyrics.
Example:


Step 3: Timing your lyrics
The final and most difficult step.
The easiest way to do this is through a music player like Winamp (or rhythmbox, if you're 1337).
You'll have to get the timing of each line and put it before each line, like so:


Notice how the lyrics timings are set up:
[mm:ss:xx], where mm is the current minute, ss is the current seconds, and xx is the current millisecond (one hundredth of a second).
You'll have to do this for the entire song. (lucky for me, I shortened the song)

Once you do all this, you'll have the lyrics complete and they'll show up in the stepfile.

Extra: Customization
Delaying lyrics
I haven't tested these yet, but apparently you can put dashes between letters to lengthen the line.
I.E.

 And do the rockaway, now le--an back, le--an back, le--an back, le--an back 

Or you could put the letter multiple times (also untested).
I.E.

 And do the rockaway, now leeean back, leeean back, leeean back, leeean back 

Colors
Apparently, you can also change the colors of the lyrics. Useful for when there are multiple singers. You have to use hexademical though.
I.E.:

 [COLOUR]0x0000FF

 [00:20:00]I don't give a **** about your faults or mishappens ******

 [00:24:00]We from the Bronx, New York, **** happens

Now your lyrics are blue but i can't make them because bb code is ghey :D (I haven't tested this yet, I will update this once I do)

Now all you do is save your lyrics as a .lrc, put it in your song folder, and set it as the #LYRICSPATH in your .sm or .ssc.
Bada-bing, bada-boom, you have lyrics :D

Sources:
http://www.flashflashrevolution.com/vbz/showthread.php?t=59874
http://en.wikipedia.org/wiki/LRC_(file_format)