It also depends on which version of XyWrite you have. Through Version III+,
XyQuest didn't ship converters. Beginning with version 4, however, they
offered the "Word for Word" converters. If you have that version, then your
best bet would be to use the W4W converter to save the file in .rtf format,
which Word handles credibly. Be prepared, however, to have to clean up some
of the formatting.
You also say "text" file. If you really mean text file, without formatting,
assuming you still have XyWrite, Word can open such files without any
problem.