All the responses in this thread may have been true at one time or in smaller studios, but nowadays most animators use specialized software that is designed to sync lip movements and facial animations to audio files. Some of the more well-known programs include JALI, AccuLips, Faceright, Crazy Talk, Faceshift, etc. etc. etc. Note that some of these programs offer software libraries that can be embedded into video games as well.
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