Use CSV files to create new posts

Hi People, I basically need to know if there is a way that i can BATCH create new posts by uploading a csv ( from excel or access). The vision that I have in my head is that in the CSV file one row equals one post, and columns are each post field (INCLUDING custom fields).

The site I want to create will have a lot of different ‘ custom posts’ ( 100’s) of information that I will have to update periodically and having to go through each and everyone of their wordpress post editor pages will be long and time consuming.

Is there a plugin or a method that allow me to do this?

Thanks.