Best way to issue hundreds of inserts/updates???

Using mysql 4.0.23-

What is the best way to execute several (hundreds of) inserts and updates?
Rather than issuing tons of individual inserts and updates, can I send the
strings to a text file and then have mysql do them all??

IE :
query.txt

insert into table1 (col1,col2) values (1,2);
insert into table1 (col1,col2) values (9,4);
update table1 set col2=0 where col1=9;
insert into table1 (col1,col2) values (5,2);
insert into table1 (col1,col2) values (6,2);
insert into table1 (col1,col2) values (4,2);

Whats the best/fastest way to execute a few hundred of these?
Should I lock the table and then somehow use mysql.exe to run all the
commands in the txt file??

Any help appreciated...syntax also appreciated
Craig