I've recently made an [extension for VLC for this purpose][1] (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][2]).
 - [Winamp+WinLyrics][5] (both discontinued but still good)
 - [osdlyrics](https://github.com/osdlyrics/osdlyrics) (Linux-only viewer that supports a lot of players).

  [1]: http://eadmaster.altervista.org/pub/index.php?page=lrcview
  [2]: http://eadmaster.altervista.org/pub/prj/lrc2srt.py
  [3]: https://github.com/Alexey-Yakovenko/deadbeef
  [4]: http://audacious-media-player.org/
  [5]: http://winampheritage.com/plugin/winlyrics/123066