Import data from a text file as posts?

I have a text file that contains three columns of data, seperated by “|” pipes. I would like to import this data into wordpress, as posts. Here’s an example of the format of the file:

date|title|body text|image url

Does anyone know of a way I can import each line from that text file into wordpress, as individual posts? Or is there a way I could convert it into a format that WP is already setup to recognize?

Thanks for any pointers!