how to import txt file to excel

How do i import or open a txt file in excel.the txt file has a colon(:) delimiter.
could u pls help me with a code along with the references that has to be included for the code.
actually i do have macro but my system doesnt repond to the code so pls help.
here's the macro
Sub ImportTextFile()

Dim DestBook As Workbook, SourceBook As Workbook
Dim DestCell As Range
Dim RetVal As Boolean

' Turn off screen updating.
Application.ScreenUpdating = False

' Set object variables for the active book and active cell.
Set DestBook = ActiveWorkbook
Set DestCell = ActiveCell

' Show the Open dialog box.
RetVal = Application.Dialogs(xlDialogOpen).Show ("*.txt")

' If Retval is false (Open dialog canceled), exit the procedure.
If RetVal = False Then Exit Sub

' Set an object variable for the workbook containing the text file.
Set SourceBook = ActiveWorkbook

' Copy the contents of the entire sheet containing the text file.
Range(Range("A1"), Range("A1").SpecialCells(xlLastCell)).Copy

' Activate the destination workbook and paste special the values
' from the text file.
DestBook.Activate
DestCell.PasteSpecial Paste:=xlValues

' Close the book containing the text file.
SourceBook.Close False

End Sub

thanx
reshma