Lyrics

you can just copy-paste lyrics from the internet into your itunes. Just right-click a song on your ipod and choose "show info" (I'm not quite sure what is is in English, mine is Dutch). Then there's a tab that is called "lyrics". Just paste the lyrics in it;)

have fun

Not automatically, if that's what you're asking. At least there are websites with (some) lyrics to cut & paste.