Convert text file to sql server compact database (.sdf)

Question

Hello,
I have a text file in this format :
02/24/2011                           Dynamic List Display                                   1
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
| ItemNum        |Plnt|SLoc|SL|BUn|QTY     |Trans./Tfr|Qual.Insp.|Restricted|Blocked|Returns|
---------------------------------------------------------------------------------------------
| 06326-50014-11 |5212|300A|  |EA |      1 |        0 |        0 |        0 |     0 |     0 |
| 06650013-0132  |5212|300A|  |EA |      1 |        0 |        0 |        0 |     0 |     0 |
| 06650233-0202  |5212|300A|  |EA |      2 |        0 |        0 |        0 |     0 |     0 |
| 200-45394-0021 |5212|300A|  |EA |      1 |        0 |        0 |        0 |     0 |     0 |
---------------------------------------------------------------------------------------------
|*               |    |    |  |EA |    273 |          |          |          |       |       |
---------------------------------------------------------------------------------------------


can i convert this values to sql server compact database in PC?
i wan the itemnumber and the QTY to be converted to sdf(sqlserver database).

Is this possible?
If yes,how may i do this?

or in second case;
i have a sdf(sql server compact database).i wan to compare the item number in the database with the item number in above text file.if match found,it should list the itemnumber in another report says that itemnumber found.and vice-versa.
is it possible to do comparison between textfile and database,or we need to convert the textfile first to database before we can do the comparison?

which is possible?

any ideas guys?