Based on the format you've shown there, you could do something like:
preg_match_all('/^(DESCRIPTION|SUMMARY):(.*)$/m', $data, $matches);
which would give you a $matches array like:
Array
(
[0] => Array
(
[0] => DESCRIPTION:When: Tuesday\, April 27\, 2010 11:00 PM-11:30 PM
(GMT+05:30)
[1] => SUMMARY:BY Venu reddy
[2] => DESCRIPTION:Reminder
)
[1] => Array
(
[0] => DESCRIPTION
[1] => SUMMARY
[2] => DESCRIPTION
)
[2] => Array
(
[0] => When: Tuesday\, April 27\, 2010 11:00 PM-11:30 PM (GMT+05:30)
[1] => BY Venu reddy
[2] => Reminder
)
)