depends what language you want to use. if you're developing with python, you can use python's minidom parser.
An example of how this can be parsed in python:
>>> import urllib
>>> from xml.dom import minidom
>>> URL="http://maps.google.com/maps/api/geocode/xml?address=1270%20Broadway%20Ste%20803,%20New%20York,%20NY%2010001,%20USA&sensor=false"
>>> loc = dom.getElementsByTagName('location')[0]
>>> lat = loc.getElementsByTagName('lat')[0].firstChild.data
>>> lng = loc.getElementsByTagName('lng')[0].firstChild.data
>>> print lat, lng
40.7486930 -73.9877870
>>>