No.
.FRX actually is a .DBF of a particular structure, with renamed extension.
What's in your text file, anyway?
Layout for a report? Then you will need to recreate in a report builder.
If, however, it's a data set for a report (in a delimited/fixed width format), you can create a table or cursor of that structure, and append your .TXT data to it, with apprpopriate TYPE clause. Then you can use it in existing report or create a new one, manually or with a wizard.