I've recently made an extension for VLC for this purpose (it still has some limitations and bugs, but it works).
More alternatives:
- convert your lrc files to srt and view them in the VLC audio visualization window (lrc2srt script reworked by me here).
- Winamp+WinLyrics (both discontinued but still good)
- osdlyrics (Linux-only viewer that supports a lot of players).