Declare A Variable Dynamically?

I have searched online for a few hours to try to figure out how to do this, but nothing I found really makes sense, so could someone please tell me, in a simple way, how to do this?

Let's say I have a text box that the user fills out, named textbox1. And I have a combo box, named combobox1, which contains the choices A, B, C. And then I have a button named submit_button.

Each time that the user clicks submit_button, I would like to dynamically create a new variable. This variable should be named the same as textbox1.text, and should contain the value of combobox1.

For example, if the user types "blue" into textbox1, and chooses value "C" from combobox1, and then clicks submit_button... then the following variable should be dynamically created, like..Dim blue as String = "C"

And then, after that, if the user types "red" into textbox1, and chooses value "B" from combobox1, and then clicks submit_button... then another variable should be dynamically created, like...

Dim red as String = "B"

And each time the user submits new information into the textbox and combobox, a new variable should be created.Is it possible to have the program automatically create variables like this? If so, how?

My actual project is much more complicated than this, of course, so the above is just an example. But if I could figure out how to solve the problem in this example, I could figure out how to solve the entire project.