Search in a string field

I have  a string column which has some data like "if col1='234' and col2='abc' or col1='456' and col2='bb' else if col1='78' etc., etc., etc.' in a table with the PK value 1
I need to search on this string column for col1 and what ever the value after col1 should be captured. In this case I like to strore these values

Parentkey  relatedvalues  col
1               234                col1
1               456                col1
1               78                  col1
1               abc                col2
1               bb                  col2

Any help?

Thanks in advance,