Yup, you can do dat.
If the data matches your table it is rather simple. If you have file permissions you can supply the virtual path instead of the local one. It happens in a heartbeat, the data is loaded immediately.
load data local infile '/home/sites/siteno/web/sever/local/path/file.txt' into table TableName fields terminated by ',';
Or something like that. If you run into trouble, the documentation lays it out pretty well:
http://www.mysql.com/doc/en/LOAD_DATA.html