1.► The first step, you have already done, and now you can see video subtitles, if you have a *.srt file with the same file name of your video file.
2. ► Now download and install VividLyrics, it is a lyrics plugin for many players, and when you install it, then you can select it to support Windows Media Player, Winamp and some other players too.
3.► After installing VividLyrics, open any mp3 file with Windows Media Player. The mp3 or any other audio file must have lyrics embedded in its tag or it must have a *.lrc file, which has the same name as the playing audio file.
4.► Then right click in Windows Media Player Screen: More Options ► Plug-ins ► Visualization ► VividLyrics, and see what you would like it to do.
5.► The last step. Right Click on Windows Media Player screen and choose Visualizations ► VividLyrics. And select your favorite preset. All is done, enjoy.
★ It can display synced lyrics in Windows Media Player, but if it will not display the embedded still unsynced lyrics, then downgrade your K-Lite Codec Pack Mega not higher than version 16.0.2, then search and download and install Local Subtitles Plugin for WMP 1.6.1