TuneWiki  might be one of the best music player that currently supports the iPhone/iTouch which allows you to listen to your music while scrolling the lyrics of the song in real-time. The best part about this is that once you registered for free on their website you can contribute to syncronize the lyrics with the music and it will share them across the globe. The new update 2.1 will allow you to use this application on a 1.1.3 or 1.1.4 firmware iPhone. You can Install this application under Multimedia in Installer.