Is there any software that will allow me to enter, and then play, the
words to accompany a song. Thus, giving me the "bouncing ball" effect
over the lyrics, and allowing people to sing along with the music.

Dear Bowmann66, 

These are several software programmes that might help you: 

Karaoke Builder Studio 3.0 <http://www.karaokebuilder.com/> claims to
be "The only CD+G software to let you create karaoke tracks as good as
or better than the discs you sing along with at your karaoke events
...  Karaoke hosts can create their own tracks ... Singers can bring
along their own songs ... Professionals can (and are) using Karaoke
Builder Studio to master their own commercial-quality CD+G discs"

Karaoke Pro also enables entering your lyrics, as well as importing
them from the Internet <http://www.mtu.com/basics/karaoke-pro.htm>.
Another such program is http://www.a2mediaplayer.com/karaoke.html

Less elaborated, Video Karaoke Player II v0.9a also allows you to
"enter the lyrics and synchronize it yourself."
http://www.pcworld.com/downloads/file_description/0,fid,8138,00.asp>

My search strategy used the terms "sing along" "enter the lyrics" and
karaoke, in order to find this information. I hope it answered your
question. Please contact me if you need any further clarification on
the answer before you rate it.

Thank you.