From http://bavotasan.com/2010/display-rss-feed-with-php/

rss_display.php

<?php	
  $rss = new DOMDocument();
  $rss->load('http://wordpress.org/news/feed/');
  $feed = array();
  foreach ($rss->getElementsByTagName('item') as $node) {
    $item = array (
      'title' => $node->getElementsByTagName('title')->item(0)->nodeValue,
      'desc' => $node->getElementsByTagName('description')->item(0)->nodeValue,
      'link' => $node->getElementsByTagName('link')->item(0)->nodeValue,
      'date' => $node->getElementsByTagName('pubDate')->item(0)->nodeValue,
      );
    array_push($feed, $item);
  }	
  
  $limit = 5;
  for($x=0;$x<$limit;$x++) {
    $title = str_replace(' & ', ' &amp; ', $feed[$x]['title']);
    $link = $feed[$x]['link'];
    $description = $feed[$x]['desc'];
    $date = date('l F d, Y', strtotime($feed[$x]['date']));
    echo '<p><strong><a href="'.$link.'" title="'.$title.'">'.$title.'</a></strong><br />';
    echo '<small><em>Posted on '.$date.'</em></small></p>';
    echo '<p>'.$description.'</p>';	
  }
?>