Here are a couple of other methods that were inspired by Zaxo:

Method #1

#!/usr/bin/perl -w

use strict;
use LWP::Simple;
use CGI qw( :standard );
require 5.8.0;

print "Content-type: text/html\n\n";
print start_html;
my $RSS = get("http://thraxil.org/rss");

{
  local $/ = "</item>"; 
  open my $rss, "<", \$RSS or die "Aaiiigh - $!";
  while (<$rss>) {
      my ($title) = m!<title>(.*?)</title>!is;
      my ($link) = m!<link>(.*?)</link>!is;
      my ($desc) = m!<description>(.*?)</description>!is;
      next unless $title && $link && $desc;
      print "Title: $title\nLink: $link\nDescription: $desc\n\n";
  }
  close $rss;
}
[download]

Method #2

#!/usr/bin/perl -w

use strict;
use LWP::Simple;
use CGI qw( :standard );

print "Content-type: text/html\n\n";
print start_html;
my $RSS = get("http://thraxil.org/rss");

my @items = $RSS =~ m!<item.*?>(.*?)</item>!gis;
for (@items) {
   my ($title) = m!<title>(.*?)</title>!is;
   my ($link) = m!<link>(.*?)</link>!is;
   my ($desc) = m!<description>(.*?)</description>!is;
   next unless $title && $link && $desc;
   print "Title: $title\nLink: $link\nDescription: $desc\n\n";
}
[download]

Each of these has its own merits, but if you want to do it right, use a real parser from CPAN. :-)