I would like to know if it is possible to parse .eml and .msg files in dot net (preferably from a memorystream) such that I can use them on an ASP.Net page.
Yes you can. They are just regular text files, nothing fancy.
This is what an eml file looks like on the inside
X-Sender: somewhere@google.com
X-Receiver: somewhere@google.com
MIME-Version: 1.0
From: somewhere@google.com
To: somewhere@google.com
Date: 7 Jun 2009 18:58:01 -0400
Subject: From someone you know
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: quoted-printable
This is the body