KaraFun Karaoke Player 1.18
If you want a karaoke player and editor for home use, this freeware version of KaraFun is a good choice. The installer of this software copies two programs to your computer: one for editing karaoke files and the other for playing them. The editor supports importing or changing the lyrics of the song, synchronizing the lyrics with the music, and modifying the way each lyric appears on screen. The player should be used to play the files previously created or downloaded from the Internet. You can find a lot of songs on KaraFun’s website, but most of them require paying a fee before downloading. 
The KaraFun Editor’s user interface has a preview window, which you can use to see how the final karaoke video will look like. When I say “karaoke video”, I mean the file which is saved by the editing program. This file contains a library, which you can use to save pictures, fonts or music tracks, but looks just like a movie (with sound) when played. So, KaraFun editor supports adding custom backgrounds and fonts to your karaoke videos. However, this free version contains some limitations: for example you cannot export the karaoke using common video (AVI, WMV) or audio (WAV, MP3) formats.
The karaoke player looks a lot like Winamp, but has a lot of other features built in. You can adjust the key or tempo of the music, you can apply echo effects, or use a vocal reducer. Also, you can easily adjust the volume of your microphone (which you can use to record your own voice), or turn it on and off. There is a button on the player’s interface, which can be used to start and stop recording.