Hi
You can import a text file into Excel and specify the delimiters in excel from your text file. As for formatting it will use the default formatting in your worksheet. Follow these steps:
Click on the Data menu in your worksheet.
Click on From Text
Navigate to your text file
Click on Import
Choose Delimited
Click on Next
Choose the delimiter used in your text file
Click on Finish

Hope this helps.
Good luck.
Tony