Welcome to the forum.
Along with Steve's suggestion for the Audio, to create the sub-titles, you will want to create a Lower-Third Title (there are some Lower-Third Templates, or you can create your own), for the text. When you have the first one complete, you will want to Duplicate that, altering the Text, for the next line, This Duplicate process will continue for each line of Text, that you wish to display. For more info on creating Titles, see this Tips & Tricks article: http://forums.adobe.com/message/5712712#5712712
If you want to have something to point out the word being sung, like the popular "bouncing ball," let us know, and someone can step you through its creation, and how to animate it over each word.