Is it possible to write a VB Script that will read the path of application in the Outlook email received by a particular sender or a subject and copy it to a designated location in the hard drive ?

It should be possible using the Outlook.Application object. I'm not exactly sure how you intend to use the path for saving or what format the email will be in, but here a short example:

Set myOlApp = CreateObject(''Outlook.Application'')
Set myItem = Me.Explorers.Item(1).Selection.Item(1)
myItem.SaveAs '''' & myItem.Subject & ''.msg'', olMSG

There is a very good (and lengthy) discussion on this with some function code that sounds exactly like what you described. You should be able to use the functions at the below site to give you a working example that you can modify to your own needs:

https://social.technet.microsoft.com/Forums/scriptcenter/en-us/268ae2aa-2f34-4ec3-a8f0-8b763230dfd0/want-vbscript-program-to-copy-outlook-email-items-to-external-folder?forum=ITCG

[1]: https://social.technet.microsoft.com/Forums/scriptcenter/en-us/268ae2aa-2f34-4ec3-a8f0-8b763230dfd0/want-vbscript-program-to-copy-outlook-email-items-to-external-folder?forum=ITCG