Short but useless answer -- yes this is possible. I'm not sure exactly how to answer the how part of the question. there are obviously multiple steps needed to get the data into a chart, and I'm not sure which step(s) you would have trouble with. Here's how I would expect to proceed:
1) Import text data into Excel/spreadsheet app -- maybe as simple as File -> Open or Import External Data -> From text.
2) Rearrange the data so that date/time stamps are in the left column, desired Channel+temp labels are in successive columns moving to the right:
A pivot table may be the quickest/easiest way to rearrange the data like this, or some other formula/utility.
3) With the data rearranged, simply select the table and insert the desired chart.
Something like that should work just fine until your data set exceeds the total number of points allowed for a data series (something like 32000 points per series and 250000 points over all data series in Excel 2007 -- assuming that is still correct in your profile).
Which step do you have trouble with?
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