Transact SQL :: Extract ID And Specific Part Of A String From Column

I have to extract a specific part of a string from a column in a sql server table. Following are the details and I have given the sample table and the sample strings.

I have 2 columns in my table [dbo].[StringExtract] (Id, MyString)

The row sample looks like the following

I have to extract the Id and a part of the column from mystring.

Id      MyString
1      ABC|^~&|BNAME|CLIENT1||CLIENT1|20110609233558||BIC^A27|5014589635|K|8.1|
ABC1|^~&|BNAME1|CLIENT1||CLIENT1|20110609233558||CTP^A27|5014589635|I|7.1|
DEF||5148956598||||Apprised|Bfunction1||15|LMP|^^^201106101330|
alloys3^ally^crimson^L||||alloys3^ally^crimson^L||||alloys3^ally^crimson^L|||||Apprised|

[Code] ....

The part I want to extract is in the line "ZZZ" and the string part that i want to extract is between the 5th and 6th pipes (|). So my output looks like the following

Id      DesiredString
1      Extracts^This^String1
2      Extracts^This^String2
3      Extracts^This^String3

Is there a way to extract this either using TSQL or SSIS.

IF EXISTS (SELECT * FROM sys.objects WHERE object_id = OBJECT_ID(N'[dbo].[StringExtract]') AND type in (N'U'))
DROP TABLE [dbo].[StringExtract]
GO
IF NOT EXISTS (SELECT * FROM sys.objects WHERE object_id = OBJECT_ID(N'[dbo].[StringExtract]') AND type in (N'U'))
BEGIN
CREATE TABLE [dbo].[StringExtract](
[Id] [int] NULL,

[Code] ....