Balabolka is a mildly customizable text to speech application capable of utilizing all the installed computer voices on your PC.
It can easily save any on-screen text as WAV, MP3, OGG, or WMA files. It can also successfully gather up all your clipboard content, view the text from DOC, RTF, PDF, FB2, and HTML files, customize font and background colors, control reading via global hotkeys or by the system tray. You will find that Balabolka is compatible with Microsoft Speech API (SAPI), permitting you to manipulate the parameters like voice rate, pitch, and volume.
You can also apply a custom substitution list, which will improve the voice articulation quality, which will be useful when you want/need to change the pronunciation of words.
For those of you wondering, Balabolka is a Russian word that roughly translates to "chatterer."