As mentioned, you only need to store the locations of the files, not the actual contents of the files. In addition, you should store in each record data about each file (ex: title, date created, last modified, summary or keywords, created by). A database application is certainly the answer.
I would suggest using Access, rather than the VB/SQL you mention. Access will let you call Word, etc., to display documents and will enable you to rapidly develop an application and database. Unless you are talking a very large database (say 500,00+ records), and/or many users (over 20), and/or the need for remote access over less-than-speedy network connections, Access 97/2000/2002 will provide an effective solution and be much easier to use fordevelopment.
If you must use SQL Server (version 7/2000/2002) and have at least Access 2000 available, you can develop an Access "Project", which connects directly to SQL Server (and doesn't use the Jet engine at all). (You could also initially develop using Access and the Access Jet database engine, and if the database gets too large for decent response times, move over to using a SQL back end with the Access front end or more to Access Project.) If you are interested in using Access Project (which is included in Access 2000 and later), I would strongly suggest purchasing the book "Microsoft Access Project with Microsoft SQL Server", written by Ralf Albrecht and Natascha Nicol and available from Microsoft Press.