Microsoft Word: Find and Replace text then apply style

I have 200 .txt (opened in Word) that have lines and lines of text taken from a client.

For example,

Report Type: General
Report Year: 2011
Report Title: Scholarship Endowment
Event Description: Now is the time for all good men to come to the aid of the country.

I want to remove all text before and including the colon and space after the colon, then apply a style to “General”.
Same thing on the next line, but with yet another style.

Can this be done?