Start Arcview
Project Window
  Activate Table icon
     Dialog Add Table
       List File of Type: delimited text [ *.txt ]
Double Click on [file_name].txt to bring the
table file name into Project Window-Table icon.

Project Window
   Activate Views
Double Click will create a view window.

View GUI
  View
    Add Event Theme
       Dialog Add Event Theme
Table: [file_name].txt
   X-field :  Longitude
   Y-field :  Latitude
Ok

The theme "[file_name].txt" will be placed in the View.

To convert the Add Event Theme to a Shapefile.

Activate theme
 View GUI
   Theme
     Convert to Shapefile

When you convert the theme to a Shapefile, Arcview
prompts you to specify the name and storage location
for the Shapefile. Arcview then creates 3 files (shp,
shx, and dbf) that will be associated with the new
shape file.