xsltproc foo.xsl foo.xml

foo.xml

<ol>
<li>
<a href="http://news.bbc.co.uk/democracylive/hi/northern_ireland/newsid_9583000/9583548.stm?t=86s">00:01:28</a>you find out who the <strong>some term</strong> the US and the</li>
</ol>

foo.xsl

<?xml version="1.0"?>

<xsl:stylesheet version="1.0"
xmlns:xsl="http://www.w3.org/1999/XSL/Transform">

<xsl:template match="/">
    <xsl:apply-templates select="//li" />
</xsl:template>

<xsl:template match="a"></xsl:template>

<xsl:template match="text()">
    <xsl:value-of select="."/>
</xsl:template>

<!-- optional -->
<xsl:template match="strong">
    *<xsl:value-of select="."/>*
</xsl:template>

</xsl:stylesheet>