Most of the Liturgy of the Word is made up of readings from Scripture. On Sundays and solemnities, there are three Scripture readings. During most of the year, the first reading is from the Old Testament and the second reading is from one of the New Testament letters. During Easter Time, the first reading is taken from the Acts of the Apostles which tells the story of the Church in its earliest days. The last reading is always taken from one of the four Gospels.

In the Liturgy of the Word, the Church feeds the people of God from the table of his Word (cf. Sacrosanctum Concilium, no. 51). The Scriptures are the word of God, written under the inspiration of the Holy Spirit. In the Scriptures, God speaks to us, leading us along the path to salvation.

The Responsorial Psalm is sung between the readings. The psalm helps us to meditate on the word of God.

The high point of the Liturgy of the Word is the reading of the Gospel. Because the Gospels tell of the life, ministry, and preaching of Christ, it receives several special signs of honor and reverence. The gathered assembly stands to hear the Gospel and it is introduced by an acclamation of praise. Apart from Lent, that acclamation is "Alleluia," derived from a Hebrew phrase meaning "Praise the Lord!" A deacon (or, if no deacon is present, a priest) reads the Gospel.

Taken from http://www.usccb.org/prayer-and-worship/the-mass/order-of-mass/liturgy-of-the-word/index.cfm

After we hear the first and second readings the lector says "The Word of the Lord"
The people respond "Thanks be to God"

At the Gospel, the deacon (or priest) says "The Lord be with you."
The people respond, "And with your spirit."

Then the deacon (or priest) says "A reading from the Holy Gospel according to __________."
The people respond, "Glory to you, oh Lord."

After the Gospel reading the deacon (or priest) says, "The Gospel of the Lord."
The people respond, "Praise to you , Lord Jesus Christ."