Use the following music metadata library.
http://javamusictag.sourceforge.net/
You can go to documentation and look for Lyrics tag and follow it.
Normally you would open the mp3 file and extract the vaule of the Lyrics tag. Note that this may or may not be available inside the mp3. (I suggest you use a tagged mp3 for testing) If the info is there. You will be able to extract it as a String or a buffer.
That info will look like this
[00:02]Let's talk about time
[00:05]tickin away every day
Now you just need to display the line according to the time given at the front of the line. This should be simple enough, just do some string operations.