This style of alignment is usually done with a list. And, in the world of lists, enumitem is king. Here's a short example of how this can be obtained (without much formatting):

\documentclass{article}
\usepackage{lipsum}% http://ctan.org/pkg/lipsum
\usepackage{enumitem}% http://ctan.org/pkg/enumitem
\begin{document}
\begin{enumerate}[labelwidth=4em,labelsep=1em]
\item[5.64] \lipsum[2]
\item[5.66] Some short text
\item[5.89] \lipsum[2]
\end{enumerate}
\end{document}
Of course, with enumitem you can make these settings locally (as I did in my example) via an optional argument [...], or globally using \setlist. See the enumitem documentation for more information/detail.
Also, since it manages lists, the numbering is easily automated. In my example above, the numbering can be supplied manually using \item[...], or in an automated fashion without the optional argument to \item.
Nesting is also possible using the same approach:

\documentclass{article}
\usepackage{lipsum}% http://ctan.org/pkg/lipsum
\usepackage{enumitem}% http://ctan.org/pkg/enumitem
\begin{document}
\begin{enumerate}[labelwidth=4em,labelsep=1em]
\item[5.64] \lipsum[2]
\item[5.66] Some short text
\begin{enumerate}[label=(\roman*),labelwidth=2em,labelsep=.5em]
\item Here is some text
\item Here is some text
\item Here is some text
\end{enumerate}
\item[5.89] \lipsum[2]
\end{enumerate}
\end{document}
\marginnote, the latter for alistenvironment – Qrrbrbirlbel Sep 19 '12 at 19:01