In visual studio you can select a block of text by holding down Alt when when selecting text with the mouse. This is very useful for selecting a column of data or tex
Right after I submitted this I was looking through the keyboard shortcuts and found the commands Adrian mentioned. By looking at how these are mapped and playing around a bit more I figured out how it is setup in the default profile for Team Suite.
To start a block select you press Alt + Shift + Home or Alt + Shift + End. This highlights to the end of the line or the start of the line depending on what you pressed.
Thereafter Shift + arrow and Ctrl + Shift + arrow, can be used to expand the region as desired.