Personally I find it much too distracting. I can write while listening to music as long as it doesn't have lyrics, so I suppose I could read too, but it would bother me if the mood of the music didn't match the mood of the story. I'd rather just concentrate on the book.
Although I don't have it on all the time, I do play background music a lot when I'm reading; I find it helps me concentrate better, and keeps the words flowing it is the equivalent to a score in a film; it fils the oh so noticeable silent void.
I tend to listen to music while I'm reading, mainly because a lot of my reading time happens on the train, and the music helps block out the background noise.
Sometimes, you get a weird serendipity with music and reading. I still remember how I felt when I was finishing 'An Instance of the Fingerpost' and U2's 'With or Without You' came on the radio. It's a good book anyway, but the music helped lift the ending up into something astonishing.
No. When I am reading, I don't want any distractions at all. I want to lose myself completely in the book. I need to be completely focused on the written word so that I give my imagination the best possible chance to wander along the pages and chapters of the book and nothing else. There is nothing worse than being distracted and drawn away from the page, thinking that you're reading only to find you've reached the end of the page or chapter and have no clue as to what you've just read.
I prefer not to have the distractions of music on in the background while reading. I can tune out people, voices and household sounds but music is a different story- I usually end up singing or humming along rather than concentrating on what I am reading...