The Crystal Reports help file is your friend and should be your first stop for simple questions on built-in functions and data types.
In CR strings are just stored as character arrays so you can access them like arrays - by index. So in your case, if you will always have the same string format (that is, the same number of characters, leading zeroes, etc.) then you can do something like this:
local stringvar mystr := {table.your_string}; //mystr:="STARTED:/ 03/23/1983 TIME:/ 03:12"
mystr[11 to 20] //return "03/23/1983"
Alternatively, you could use the Mid() string function.