This macro should do it, albeit slowly.
Code:
Sub Test()
Open "C:\temp\mytextfile.txt" For Input As #1
Do While Not EOF(1)
Counter = Counter + 1
Line Input #1, FileLine
ActiveSheet.Cells(Counter, 1) = FileLine
If Counter = 65000 Then
Counter = 0
Sheets.Add
End If
Loop
Close #1
End Sub
Open up the VBA editor by hitting ALT F11