I just found out something very cool that you can do with podcasts and iPod Touch/iPhone. 
 
Record a podcast of you reading something, a book, a story...etc. Import that podcast into iTunes and convert it to an AAC file. Select the AAC podcast file in iTunes and use the File menu to Get Info on the file. Click the Lyrics tab. Type or paste the words of what you read into the Lyrics window. Click OK. 
 
Now sync that podcast to an iPod Touch or iPhone or upload it to an RSS feed. When you view that podcast on one of those devices, you will see the words and be able to read along with them as the podcast/device reads them to you! 
 
Awesome and easy!