You can (temporarily) change the separator by changing the windows list
separator under control panel regional settings (number tab) to that |
character.

Or you could write your own macro to extract the data in whatever form you want:

Some sample code to get you started:

Earl Kiosterud's Text Write program:
www.smokeylake.com/excel
(or directly:  http://www.smokeylake.com/excel/text_write_program.htm)

Chip Pearson's:
http://www.cpearson.com/excel/imptext.htm

J.E. McGimpsey's:
http://www.mcgimpsey.com/excel/textfiles.html

If you're new to macros, you may want to read David McRitchie's intro at:
http://www.mvps.org/dmcritchie/excel/getstarted.htm