Running is good for listening to words. Podcasts, audiobooks, and recorded lectures all make time fly. Running is also the only time I can listen to hip hop and pay attention to the lyrics.
I listened to the whole unabridged version of "Atlas Shrugged" one summer when I used to run, not that you commies would ever do that.

I tried many things to allow me to listen to music while I swim, and I finally found one last year that works. It's called SwiMp3, and it plays through the bones in your head rather than all that mess with trying to seal it around your ears. You can hear the music and lyrics clearly, but the very act of swimming is a bit noisy for books on mp3 or podcasts.
Only 132MB, but that's enough for a couple of 40-minute swims with no repeats, at least. And it's not too obtrusive - I've only had "where do i get one of those" questions, as opposed to "hey, Future Robot, go to hell!"
Although when I get back to the neighborhood pool this summer, I may meet a different crowd.