Need a rename script

ALright, I have the ED archive. It has 9407 files. Each file has no extension, so opening each in a text editor is the only way to view them. They are numbered 0-9407. The first line of each file contains the title of the article. I need something to go through the folder , open each file in a text editor, read the first line, and save the file as a .txt document with the first name as a file name. Please don't leave ED hanging.

ED died because it was too "edgy" for mainstream consumers.
only trolls with thick skin, could find ED funny in long term. Thats why they started whatport80 and ohtheinternet
Trolls are rare and unprofitable demographic