If you highlight the list and turn it into a table:
(2003)

• Table > Convert > Text to Table
• (for a separator, use a SPACE)

(2007)

• Insert > Table > Convert Text to Table
• (for a separator, use a SPACE)

You can then sort the table by column 2:
(2003)

• Highlight table
• Table > Sort
• Sort by > Column 2

(2007)

• Table Tools > Layout
• Sort
• Sort by > Column 2

Then, if needed, convert back to text.