Karaoke with flash!? How do you time a song with the lyrics?

Has anyone ever tried to make a radio that would spout out lyrics as the song played like a karaoke player? If so, please help because I would like to make a flah piece that would play a song and spout out lyrics simultaneously exactly like karaoke.

My main concern is on how to time the lyrics with the song. Is there a way to place the MP3 (which I will be using) in the timeline and span a certain number of frames so that I know when I can trigger the lyrics?

I really did search on the forum (this didn’t help me) and none seems to help or relate to what I want, so thanks for looking even if you don’t give any suggestion.