Of course. Get-Content puts every line of text into the pipeline as a .Net String object with a few additional attributes added on, including ReadCount which is the line number. For example:
Get-Content -Path TEXT.TXT | %{"$($_.ReadCount) $($_.Length) $($_.ToUpper())" }
For each line of text, this will print the line number, the length of the string, and the string converted into upper case.
PowerShell is very wordy, but very powerful.