I realize that using the database abstraction layer comes with a few caveats such as not being able to run queries that are not available in one way or another across all versions of the databases supported by Drupal7. However, I need to load data from a CSV file into the database from a user uploaded CSV file via a form built with the form API. So in the hook_submit function, I am going to do just that. Obviously I can write my own MySQL dependent implementation, however, I was hoping there was an abstracted "Drupal way" to accomplish the same task. I have not been able to find any such method.
Typically here is how I would do this after sanitizing the data, as an example:
LOAD DATA INFILE 'components.csv'
INTO TABLE components
FIELDS TERMINATED BY ','
LINES TERMINATED BY '\n'
However, obviously this is a MySQL dependent query and even further it is dependent upon MySQL version 5 and later if my memory serves me correctly.