Hi Alex,
For parse text file you can use 2 ways.
Use String.Split method .. it looks like VFP GETWORDNUM() GETWORDCOUNT()

For example
Use Dmitry Litvak solution to get string..

Dim Separators() as Char = {"!"c}
Dim Words() as String
Words = YourFileString.Split(Separators)
Dim Word as String
For Each Word in Words

Next

But.. realy I start with .net with same task like you have. I using oleDBConnection over Provider=Microsoft.Jet.OLEDB.4.0;. If you have text delimited files in correct format (columns,rows) - then its the best way to access file and convert it to the DataTable, then.. using common ADO.net methods you can work with this DataTable..