This will instruct you how to import lyrics and store them in a library and playlist.
Find the file
Click on File in the menu bar
Hover on Import
Select File... from the popup menu
Find the file you want to import and select Open
File import settings
Under Destination select the library you want it to be imported into and a playlist(optional) if you are preparing it for a service and then click Import. You can leave the other settings alone.
You can now go find the lyrics and edit them as need be