well, technically no. If you buy the album in the store, the lyrics may or may not be in it... and even if they are, they won't be imported to iTunes with the songs... you just happen to have a hard-copy of them (sometimes).
and like dturner mentioned, some iTunes albums come with digital booklets.
i'm not sure if there's an official position (there may or may not be precedents set), but i don't think we technically have the right to import lyrics to a song even if we have legally purchased it (digitally OR physically).
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