Unfortunately, C# isn't a dynamic language like that.
What you can do, however, is to create a C# source code file, full with class and everything, and run it through the CodeDom provider for C# and compile it into an assembly, and then execute it.
This forum post on MSDN contains an answer with some example code down the page somewhat:
http://forums.msdn.microsoft.com/en-US/csharpgeneral/thread/6a783cc4-bb54-4fec-b504-f9b1ed786b54/
I would hardly say this is a very good solution, but it is possible anyway.
What kind of code are you going to expect in that string? If it is a minor subset of valid code, for instance just math expressions, it might be that other alternatives exists.
Edit: Well, that teaches me to read the questions thoroughly first. Yes, reflection would be able to give you some help here.
If you split the string by the ; first, to get individual properties, you can use the following code to get a PropertyInfo object for a particular property for a class, and then use that object to manipulate a particular object.
String propName = "Text";
PropertyInfo pi = someObject.GetType().GetProperty(propName);
pi.SetValue(someObject, "New Value", new Object[0]);
Link: http://msdn.microsoft.com/en-us/library/system.reflection.propertyinfo.setvalue(VS.71).aspx