Is your entire file of that format?
If so, you don't need an regexp stuff really.
Just load the file into memory using 'file()'
That will put every line of the file into an element of an array.
$aLines = file('file.txt');
Now you can loop through all the lines of the file, starting with line 2 at element 1
to print the first pair:
echo $aLines[1];
echo $aLines[2];
Now to get the data from the lines.
#EXTINF:49,Artist - Song
You can use preg_match to get the 'artist - song' part, but if you only want the complete 'artist - song' bit, s substring is a lot easier.
use strpos to find where the comma is, and then grab everything else using substr()
echo substr($sString, strpos($sString, ',')+1);
do that for every entry, and you're done.