Reading the uploaded file isn't that simple unfortunatly.
The value of the file control will just be the file name.
You'll need access to the actual stream. In HTML4 the only way to do this was to post a form containing the file input to the server and let the server read the file.
Luckily HTML5 gives you way's to read the file through javascript. But it isn't as easy a you hoped. Please read;
http://www.html5rocks.com/en/tutorials/file/dndfiles/[
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And I believe this blog post reads a textfile like you need;
http://stackoverflow.com/questions/3146483/html5-file-api-read-as-text-and-binary/3146509#3146509[
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Good luck!