if you want to read in lots of data and work on each line separately you could use something like this:
cat myFile | while read x ; do echo $x ; done
if you want to split the lines up into multiple words you can use multiple variables in place of x like this:
cat myFile | while read x y ; do echo $y $x ; done
alternatively:
while read x y ; do echo $y $x ; done < myFile
But as soon as you start to want to do anything really clever with this sort of thing you're better going for some scripting language like perl where you could try something like this:
perl -ane 'print "$F[0]\n"' < myFile
There's a fairly steep learning curve with perl (or I guess any of these languages) but you'll find it a lot easier in the long run if you want to do anything but the simplest of scripts. I'd recommend the Perl Cookbook and, of course, The Perl Programming Language by Larry Wall et al.