As stated, this is too broad and can not be solved generally.
Here are some options:
Type type = Type.GetType(typename);
object o = Activator.CreateInstance(type);
This will create an instance of the type that typename is describing. It calls the parameterless constructor of that type. (Downside: Not all objects have a parameterless constructor. Further, this does set the state of the object using value.)
Type type = Type.GetType(typename);
object o = Activator.CreateInstance(type, new[] { value });
This will create an instance of the type that typename is describing. It calls a constructor of that type that accepts one parameter of type string. (Downside: Not all objects have such a constructor. For example, Int32 does not have such a constructor so you will experience a runtime exception.)
Type type = Type.GetType(typename);
object o = Convert.ChangeType(value, type);
This will attempt to convert the string value to an instance of the required type. This can lead to InvalidCastExceptions though. For example, Convert.ChangeType("4", typeof(FileStream)) will obviously fail, as it should.
In fact, this last example (create an instance of type FileStream with its initial state determined by the string "4") shows how absurd the general problem is. There are some constructions/conversions that just can not be done.
You might want to rethink the problem you are trying to solve to avoid this morass.