If you have such a file, I would do it in two steps, if you were you ...
1st step
Use file () to get an array representing the file.
2nd step
Now you can use explode () to get all the different columns and output them.
Quick example:
<?php
$output = "";
$file = file("data.txt");
foreach ($file as $line)
{
$cols = explode (":", $line);
$output .= "{$cols[0]} {$cols[1]}";
}
?>
Hope this helps.