One database, one field called Project Name, 6 records:

2 of the records have the Project Name of ABC

1 records has the Project Name of EFG

3 records have the Project Name of HIJ

I created a value list that looks at the Project Name field, so the value list contains:

ABC

EFG

HIJ

Is it possible to take the contents of the value list, and place them in a repeating field so that the first repetition contains ABC, the second repetition contains EFG, and the third contains HIJ?

I want to create a calc that looks at the first repetition and tries to match it with the contents of of the Project Name field.

I really strongly advise that you don't use repeating fields. You can put data in them, but it's extremely difficult to do anything with it afterwards, like sorting, summarizing, reporting, appending, inserting, deleting. If you don't think you will need to do any of these things with the data in the repeating fields, then go ahead and use them, but you are almost always better off using a portal to a related file.

But, to answer your original question, you can make a looping script that gets the value list items using the ValueListItems() function, parses it into individual items by looking for the paragraph separator between each item and then insert them into the appropriate field (preferably new portal rows rather than repetitions of a repeating field).