Import Text File - CERTAIN COLUMNS ONLY

Convert your text file to a .csv file. Open up excel and goto Data -> Import External Data -> New Database Query

Click on the 1st option (New Data Source) and click on OK.
Name your connection. (Example - Connect CSV). Select the driver to be Microsoft Text Driver (*.txt,*.csv) and click on connect.

Uncheck the use currect directory option and click on select directory. Browse to the directory that contains your CSV and click on OK. Click OK again and OK once more. You would be back to the Choose Data Source window. Select your newly made connection and click on ok. In the new window you would find your CSV already visible. Click ok the "+" to expand and select the columns you need and click the > button. Once all required columns are on the right side click Next, Next once more and sort it if you wish and click next. Click the option Return Data to Microsoft Excel and Click on Finish. You will be asked to select the column where you want your data pasted. Select the column and click OK.

Your data has been imported to excel.