help with Scripting - trying to search for string and extract next few characters

Hi
I am new to world on unix scripting so any assistance would be gratefully appreciated,
I am trying to write a script which reads through a file, reads in line by line, searches for a pattern, copies string after it and then to do a search and replace elsehwere in the line,

so the input file would readsomething like

Value1:"alpha" Value2:"beta" Value3:"delta" Value4:"gamma" 
Value1:"bravo" Value2:"charlie" Value3:"echo" Value4:"sierra"

and i would want to extract the value3 from each line i.e "delta" and "echo" and replace Value2 with NewValue:extractedvalue Value2

so after runing the script the file shows

Value1:"alpha" NewValue:"delta" Value2:"beta" Value3:"delta" Value4:"gamma" 
Value1:"bravo" NewValue:"echo" Value2:"charlie" Value3:"echo" Value4:"sierra"
awk  '{o=$3;gsub(/.*:/,"",o); $2="Newvalue:"o" "$2}1' file
awk '{split($3,a,":");$2="NewValue:" a[2] FS $2}1' file

hi guys, thanks for your responses, but i should have mentioned the placement of where the values is in the string would vary, it would not necessarily be in the same position, so the only thing that is fixed is the search string i.e. Value3 and where to replace i.e. before Value2
and the below seems to be dependant on the position...

awk '{
  for(i=1;i<=NF;i++)
    if($i ~ "Value3:")
      split($i,a,":")
  $2="NewValue:" a[2] FS $2
}1' file
gawk '{match($0,/Value3:(.[^ \t]*)/,a); $2="NewValue:"a[1] }1' file

Use gawk for this solution, the third parameter of the match function is gawk specific.

Thanks for your help guys! managed to get what i wanted working the way i needed! Cheers!