This is a really basic question, so unfortunatly I don't rate your chances at being able to complete this project at present. By the sounds of it, you need to study a few fundamentals:
System Design
Start reading, look up database normalisation, as well as some beginner ASP.net tutorials should help you a long. Properly structuring a website is crucial, and unfortunatly a lot of that is learnt through trial and error. Experience definatly trumps here.
Read up on client server architecture of the web, it will help you a good insight into how these sorts of technologies actually work.
Storing data
Storing data should pretty much always be done in a database, they have been designed with data storage in mind so will work a lot more efficiently than any other solution you may come up with. It will make performing functions such as search (see below) a lot easier as they have inbuilt functions and operators to perform all the actions you will want.
Searching for Text in SQL
If you want to search for text in a database, use the LIKE operator, used as such.
Search engines
Not much to do here, search engines will rate your content if it's high quality and unique. Systems such as stack overflow by nature generate this sort of content as long as the user base is educated enough, so this should come naturally to you. Don't worry about search engine micro optimisations until the site is actually completed. As long as there is text on the website, presented in a readable (and machine readable via good CSS layout) way, you will be fine.
Some more thoughts
Again I stress that it sounds like a very ambitious project so make sure you don't under-deliver, there is no shame in turning down a job, but under-delivering is a good way to lose future work and clients very fast.