With wavelyric, you can create Karaoke-style timing data for every word in any song. You'll have a waveform representation of the song and a bunch of keyboard shortcuts at your fingertips to help you get going.
When you're finished, you can export to a .lrc file, formatted perfectly for use with Steno Hero, a free typing game aimed at stenographers.
You can also export .ogg files with ogg-vorbis-encoder-js.