All you have to do is change the extention from .txt to .csv and it will open in excel fine.
Sometimes I want to manipulate the data in the text file before bringing it into an Excel file....in those cases I import it into Access - that gives me the ability to choose which columns/fields I want and I can even change them to different formats incase I want to...for instance, I can change a text field to a date field or a number fielf to a text field.
Once I have it in Access the way I like it, I export it to a CSV file so it can be opened in Excel.
I convert a lot of different files like that quite regularly at work...we quite often get data in PDF format that we have to get into a database, that can be difficult, let me or PurpleSkys know if you run into anything like that...I can help you out ;)