Code:
cat renicepid.conf | gawk -F : '/./ {print $2}' | while read line; do echo "DO SOMETHING: $line"; done
Just replace
echo "DO SOMETHING: $line" with whatever you want to execute for each line.
read reads a single line from stdin and stores it in the specified environment variable.
The while loop will simply execute until read returns an error (when no lines remain to be read).