Dunno about meditation. I keep a small (actually, not so small - it's a Zoom) digital recorder in the bedroom and do a "la-la-la" thing into it if an idea comes to me - doesn't always work, sometimes I end up wondering "What the hell was all that about?" when I wake up next day. But I've got enough decent stuff out of doing this to make it worthwhile.
As for words, I'm often thinking of phrases and what seem to me to be sonorous combinations and juxtapositions of words. On other occasions, something in the newspaper might catch my eye, or I might overhear an intriguing snippet of a conversation in the street. These all go into my diary, next to the shopping list for a couple of cartons of milk, a new computer mouse and a dozen 0.60 mm guitar picks - the things one needs on a daily basis. Eventually they become the title for a song, or maybe just a part of the second line in verse three.
Walking down the street at a fairly determined pace often gets the ideas flowing for me. Try singing "Don't Forget to Say Goodbye" when you've got a purposeful stride going, and you'll see what I mean.
The ones that always elude me are those that come to me with such apparent clarity just as I'm waking up. No amount of "la-la-la"-ing or frantic reaching for the guitar ever seems to be able to recapture those ones; if I'm lucky, something quite different might come out instead, and that ends up being a result in itself.