This example worked like a champ! (I couldn't have been on the right path without getting started by some of the great answers here. Thanks Mike Buckbee and CptSkippy)
<?xml version="1.0" encoding="UTF-8" ?>
<!DOCTYPE channel [
<!ENTITY oacute "Ó">
<!ENTITY nbsp " ">
]>
<rss version="2.0">
<channel>
<title>RSS Example</title>
<description>This is an ó example of an RSS feed</description>
<link>http://www.domain.com/link.htm</link>
<lastBuildDate>Mon, 28 Aug 2006 11:12:55 -0400 </lastBuildDate>
<pubDate>Tue, 29 Aug 2006 09:00:00 -0400</pubDate>
<item>
<title>Item Example</title>
<description>This is an example of an Item</description>
<link>http://www.domain.com/link.htm</link>
<guid isPermaLink="false"> 1102345</guid>
<pubDate>Tue, 29 Aug 2006 09:00:00 -0400</pubDate>
</item>
</channel>
</rss>