Qbasic is going to be a processor hog on any windows NT based systems. (2000, XP)
To answer my own question, it is possible to do this with Perl. That's why I love Perl. lol
Although, this specific script is tailored for logging from a serial port on a Unix box, the author states that it can be ported to Win32: http://aplawrence.com/Unix/logger.html
Once I get this done I should be able to create .exe version of it.
Current projects: iGmod reloaded (Latest release) (put on hiatus indefinatly)
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Carputer 2: www.lmaocar.com