A new version (1.3) has been posted. It now supports Leo's Lyrics http://www.leoslyrics.com/ (thanks to shahmirn, who originally wrote the code).
Imports lyrics from lyrics repositories in to iTunes.
Since the original author is no longer actively working on this project I created this. http://code.google.com/p/ilyrics/ for the original project.
This project is moving to GitHub.