depends.
its best if possible to create seperate inputs for each bit of entered data.
otherwise you'll be getting the textarea text back in a string. how the user formats the text is critical. assuming its cut and paste and formatted the same every time you can play some games with this.
for example:
First Name: Blah1
Last Name: Blah2
in a string it'll look like:
First Name: Blah1\nLast Name: Blah2\n
the first quick and dirty hack that comes to mind is to use the php function split() to split the string into an array. to make things interesting try to split on newline chars ("\n") & on comma chars (":") at the same time using a regular expression.
now you'll have an array like so:
First Name:
Blah1
Last Name:
Blah2
and now you've got an array with even elements the name of the fields and odd elements the data.
now loop through using array & list() & each() (or foreach()). clean up the elements with a trim() when accessing the array elements. make sure you're accessing a valid index on the array.