Converting a text file to a string?

[eif]

can anyone  please help me out here? - im running a python cgi script that
outputs a database in a text file format something that looks like this:

999347857||9/1/2001 at 13:37:37|016354|jim o
shea|jim at mmu.ac.uk|126|0161025658
999347943||9/1/2001 at 13:39:03|223654|roy
saberton|roy at mmu.ac.uk|201|0161236510
999347943||9/1/2001 at 13:39:03|223654|roy
saberton|roy at mmu.ac.uk|201|0161236510

I can open and read this file, but the problem is I want to convert this
file into a list - in order to access and manipulate each individual
element. can anyone tell me how to do this or am I going the wrong way about
the problem?

cheers