First, it is not possible to edit the lyrics within a finished CDG file, including one imported from a Karaoke CDG disc.
We have been working all year on KPro 5.0. This allows you to save and open project files, and edit the lyrics and placement to the music to re-export a new edited version. You can change just about anything, including change fonts, point size, colors, even insert, split and join lines or words.
I know... you want to know when will it release!
I expect to see KPro 5.018 release in one hour! 
I'm hoping it is a final release candidate. We have gone through 18 test versions this year and its about time to giver birth to this baby!
Keep your fingers crossed and say a prayer for us.
There will be an upgrade cost to version 5.018. From 4.008, it is expected to be $19.95. From prior versions it will be $59.95. For new purchases it will be somewhere between $99 and $149... TBA.
Make sure we have your current email address in our database so you will recieve the notice with your discount coupon.