Seems like you should be able to use some variation of the following to get the results you want...
Code:
x=0
while [ $x -lt `wc -l | sed 's/[^0-9]//g'` ] ; do
USER=`awk -v var=$x -F":" 'NR==var {print $1}' $NEW_USERS_FILE`
PASSWORD=`awk -v var=$x -F":" 'NR==var {print $2}' $NEW_USERS_FILE`
GROUP=`awk -v var=$x -F":" 'NR==var {print $3}' $NEW_USERS_FILE`
FULLNAME=`awk -v var=$x -F":" 'NR==var {print $4}' $NEW_USERS_FILE`
# ...
# do whatever you need to do with the variables
# ...
x=$x+1
done
Hope this helps (I'm a bit of a newbie, so it certainly might not.