iOS app for showing & syncing the lyrics while playing an audio song.

Is there any free iPhone/iPad app that can fetch and show the lyrics while playing an audio song ?

 

If yes then can anyone please give me the ITunes link ?

 

If no then I am planning to write an app that will be able to do this task and it will be free.  So how does it sound ? Feel free to give any suggestion if you have...

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