Is it posible to create a lookup field from a column?

Is it posible to create a lookup field from a column?

Hi all,

I was wondering if there is an easy way to create a lookup field on a form based on one of its values.
Allow me to explain. I have imported data from a sheet. Lets say that it is a list of payments and one of the columns is the way they were made. So I have 3 or 4 different ways (cash, credit card, etc). I know this values are going to be limited so I want to set it up as a lookup to other table. I could do this starting from scratch but then I would have to reenter all the data. What I'm looking for is a way of "exporting" that column to a new table and link it with the actual form without losing the data.
Is this even possible?