You do not need to access it as a spatial table.You can read them using the JET ENGINE/ODBC. Please see jburka'sjburka's answer on how to access the access table.
Once you have access to the table, you can show it as an event Layer.
Here is a sample, which shows how you can make an XY event layer, once you have table in a ITable:
http://resources.esri.com/help/9.3/arcgisengine/ArcObjects/esriGeoDatabase/Create_XYEventSource.htm