This code should get you started.
$feed_details = @new SimpleXMLElement($rss_contents,LIBXML_NOCDATA);
if (!empty($feed_details->channel->item)) {
foreach ($feed_details->channel->item as $num=>$rss_object) {
// You now have these. You could also do print_r($rss_object) to see all options
$rss_object->title
$rss_object->link
$rss_object->description
}
}