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This karaoke software can play K5, MIDI, KAR, KFN, MP3, VS, and other audio/video file formats. It can also be used as a text synchronizer to create Midi, MP3 ,K5, and MP4 files. From its Mixer window, you can combine various tracks, add video-messages/applause/jingles, change equalizer settings, etc.
Karaoke 5 has two paid versions, namely Professional and Home. Home edition has support for Synchronization, K5 Instrument (MIDI), SoundFont SF2 (MIDI), and Metronome. Professional version has all the functions of Home edition, plus a Double Screen "TV" feature.