Are you planning on doing this alphabetization AFTER you get the resultset, using ColdFusion? Or are you planning on doing it using a SQL query, BEFORE ColdFusion? It's more efficient by far to let your database do the work. Unfortunately, you'll need to do the up-front work.
I'm assuming you have some form that is letting you enter the data that is going in the Memo field? Do you enter the HTML tags in this form or are you letting ColdFusion do it (using ParagraphFormat() or something)? If you want the database to do the work of sorting then you should have a completely new Text column that has this first word (though maybe the first few words is better as a lot of sentences start with the same word like "the" or "I"

. Yes, this means the nastiness of going through your data and making these fields for each row.
That's the best way in the long run. If you want the short-term fix (one that will load slower as it is much less efficient) -- you gotta do what you gotta do. You're going to have to do something like this:
1. Pull the fields out of the database.
2. Grab the first few words from each Memo field that are not HTML tags.
3. Resort all of your data based on these words.
4. Output the new order of data.
Step 1 I'm guessing you already have.
Steps 2 through 4 should be worked on extensively to get perfect, but this should get you started (I repeat, this is not optimized but a working model!).
Code:
<cfquery name="get" datasource="dsn">
SELECT memofield FROM mytable
</cfquery>
<cfset aMemo = ArrayNew(2)>
<cfloop query="get">
<cfset newStr = REReplaceNoCase(get.memofield,"<.>","","ALL")>
<cfset newStr = Left(VARIABLES.newStr,30)>
<!--- put the first few words in the first element --->
<cfset aMemo[get.CurrentRow][1] = VARIABLES.newStr>
<!--- put the whole memofield in the second element --->
<cfset aMemo[get.CurrentRow][2] = get.memofield>
</cfloop>
<cfset aMemoSort = ArrayNew(2)>
<cfset aMemoSort = ArraySort(aMemo, "textnocase")>
<cfoutput>
<cfloop from="1" to=#ArrayLen(aMemoSort)# index="i">
<p>#aMemoSort[i][2]#</p>
</cfloop>
</cfoutput>
There are probably other great ideas out there for how to do this, so ask around!