One way to do it would be to highlight the range in the column the names are in, then click Data > Text to columns > choose Delimited, click Next, select your delimiter (likely a comma or space in your case with names), then click Finish.
The easiest way to do this is to use Excel's Text to Columns feature. There is a way to do it with a formula, but I couldn't tell you it off the top of my head.
To use Text to Columns, first make sure there are some empty columns to the right of the one you'll be parsing. Then select your data and choose Text to Columns from the Data menu. Choose Delimited and hit next. On the next step pick your delimiter--the character that separates first name, last name, and middle initial. Hopefully there are commas between them. If not, you may have to use spaces. Either way, click on Finish when you're done. If you used spaces as your delimeter, you may have to manually look through your data to make sure it didn't divide up names it wasn't supposed to (such as Mary Jane).
-Ben