C# and DataGridView

I am currently teaching myself C# and Visual Studio 2005.  My questions have to do which populating the DataGridVeiw with data.  Here are my questions:

1.  Can I populate a DataGridView by reading information from a text file?  I am using text files to store my data because the data can and will change regularly based on calculations.  So far I have only seen examples that have binded data to a data base.  Should I be considering something other than the DataGridView?  However I need to have columns and rows.  I also need to be able to change the color of the text in each rows based on the calculations as well and I don't believe I can do this with a list box or list view, correct me if I am wrong.

2.  Should I use text files or should I create and separte source code files that contains a created array with the data in place that I use to populate the DataGridView? 

Your help is appreciated.