When I first started studying Homer's Iliad I quickly made a digital best friend: The Chicago Homer. TCH allows you to read and search Homer, Hesiod, and the Homeric Hymns. There are several different display options, including one that allows you to display the Greek lines and the English (or German) translation together. The Greek can also be displayed in transliteration. The Greek words are hyperlinked, allowing you to learn the parsing and lexical form of a particular word, find other occurrences of that word (in inflected or lexical form) in the corpus, and access the Liddell, Scott, Jones lexicon entry at Perseus. One of the things I love the most about TCH is that it tags common phrases and collocations, allowing you to easily find other places where they occur in Homer.
TCH is a powerful tool -- take the time to play around with it!