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use XML::LibXML;
$s = "&ltfoo name=bobby>&ltname&gtrobert</name></foo></p>";
...
print $dom->serialize;
$s2 = $dom->findnodes("//text()")->[0]->data;
print "after: $s2.\n";

before: &ltfoo name=bobby>&ltname&gtrobert</name></foo></p>.
<?xml version="1.0"?>
<root>&amp;ltfoo name=bobby&gt;&amp;ltname&amp;gtrobert&lt;/name&gt;&l
+t;/foo&gt;&lt;/p&gt;</root>
after: &ltfoo name=bobby>&ltname&gtrobert</name></foo></p>.