DECLARE @STR 		varchar(100),
	@delimiter 	CHAR(1)

SELECT	@STR 		= '<li>Invalid email address.</li><li>Invalid zipcode.</li><li>Password is required.</li><li>'
SELECT	@delimiter	= CHAR(10)

SELECT	@STR = REPLACE(REPLACE(@STR, '</li>', @delimiter), '<li>', @delimiter)

SELECT	*
FROM	fnParseList(@delimiter, @STR)
-- fnParseList IS FROM http://www.sqlteam.com/forums/topic.asp?TOPIC_ID=76033
WHERE	Data <> ''

/*
RowID  Data
------ ----------------------
     2 Invalid email address.
     4 Invalid zipcode.
     6 Password is required.
*/