The easiest way (if you still have the original text file) is to treat it like a delimited file with the ~ as the delimiter. The trick with using a non standard delimiter (usually comma or tab are used) you have to create and save a File Specification.
To do this choose File/Get External Data/Imoort. Then select the text file and when the Import Text Wizard appears hit the Advance button. The screen that is displayed will allow you to put in ~ as the delimiter and then give the columns names. Save the file spec and finish importing.
Another way to do it is using the Split function in code.
The length is not always 7 characters so the LEFT() function will not always work.
The Import doesn't work because there are 9 columns that get imported from the text file. They are all separated by a TAB. I can import the file using the ~ as a delimiter but it will mess up all of the other columns.