You could write a batch file to do it, which would be especially handy if you already have your list on your PC so that you can just copy and paste it. If you're running Vista make sure you go to the Start Menu, then All Programs, then Accessories, then right Click on Command Prompt and click Properties then go to the Shortcuts tab and enable "Run as Administrator".
Then open up notepad, and if you have your list simply copy and paste the various commands to get the same format that I will list:
type nul>Test1.txt
type nul>Test2.txt
type nul>Test3.txt
type nul>Easy huh.txt
type nul>etc.txt
Simply copy and paste " type nul " 50 times in front of each file name, and paste .txt after each file name. That'd be a lot faster then having to manually create and save each file, and once you type all of that it's fully automated.
If you don't enter a specific pathname like I failed to do in the example above, the files will simply be saved to your User folder, (the folder that is your name, or whatever you entered as your name during Windows installation).
If you have a specific folder that you wanted to save it to, for instance "NewFolder" in your C: drive, then the command would be:
type nul>C:\NewFolder\Test1.txt
type nul>C:\NewFolder\Test2.txt
type nul>C:\NewFolder\Test3.txt
type nul>C:\NewFolder\Easy huh.txt
type nul>C:\NewFolder\etc.txt
Using CTRL+C and CTRL+V to copy and paste them I was able to create that batch file in like 5 seconds.
To save your batchfile in notepad go to "Save As" and type whatever you want to name your batch file ("batchfile" for instance) and put .bat on the end. So "Batchfile.bat" "test.bat" etc. And make sure that beneath that where it says "Save as Type" that you select All Files and not Text Documents (*.txt). Save that someplace easy like your root drive (C:).
Then open up your command prompt, and enter "C:\batchfile.bat" or whatever you named your batch file, and be sure to include the pathname for wherever you saved it.
Then voila, it automatically and instantly creates empty text files for you.
People are typically weary to do anything in the command prompt, but they needn't be. It's a really handy way to do all sorts of things that are otherwise impossible to do in Windows without third party software.
You can even add text to each of those files in different ways, like inserting one line into every file, or different lines into specific files, or a specific line for each specific file. Command prompt is pretty awesome.