There is ONE way:
Copy your original text box into a Word document (CTRL+C, CTRL+V).
In Word select the text box and
-[Convert]-[Text to Table], leaving
everything at defaults (one column). Each row of the table shoul dbe one
paragraph.
Copy the table back into PowerPoint.
In PowerPoint, select the table and [Draw]-[Ungroup].
Each paragraph of your original text will now be a separate box.
You will also have to delete the table border lines.