If you are doing anything non-trivial with dates and times, recommend the use of JodaTime.  See this extensive SO discussion, including ISO8601.  See also "Should I use native data/time...".
Here's an example code snippet, taken from this example, if you want to use JDK SimpleDateFormat.
// 2004-06-14T19:GMT20:30Z
// 2004-06-20T06:GMT22:01Z
// http://www.cl.cam.ac.uk/~mgk25/iso-time.html
//    
// http://www.intertwingly.net/wiki/pie/DateTime
//
// http://www.w3.org/TR/NOTE-datetime
//
// Different standards may need different levels of granularity in the date and
// time, so this profile defines six levels. Standards that reference this
// profile should specify one or more of these granularities. If a given
// standard allows more than one granularity, it should specify the meaning of
// the dates and times with reduced precision, for example, the result of
// comparing two dates with different precisions.
// The formats are as follows. Exactly the components shown here must be
// present, with exactly this punctuation. Note that the "T" appears literally
// in the string, to indicate the beginning of the time element, as specified in
// ISO 8601.
//    Year:
//       YYYY (eg 1997)
//    Year and month:
//       YYYY-MM (eg 1997-07)
//    Complete date:
//       YYYY-MM-DD (eg 1997-07-16)
//    Complete date plus hours and minutes:
//       YYYY-MM-DDThh:mmTZD (eg 1997-07-16T19:20+01:00)
//    Complete date plus hours, minutes and seconds:
//       YYYY-MM-DDThh:mm:ssTZD (eg 1997-07-16T19:20:30+01:00)
//    Complete date plus hours, minutes, seconds and a decimal fraction of a
// second
//       YYYY-MM-DDThh:mm:ss.sTZD (eg 1997-07-16T19:20:30.45+01:00)
// where:
//      YYYY = four-digit year
//      MM   = two-digit month (01=January, etc.)
//      DD   = two-digit day of month (01 through 31)
//      hh   = two digits of hour (00 through 23) (am/pm NOT allowed)
//      mm   = two digits of minute (00 through 59)
//      ss   = two digits of second (00 through 59)
//      s    = one or more digits representing a decimal fraction of a second
//      TZD  = time zone designator (Z or +hh:mm or -hh:mm)
public static Date parse( String input ) throws java.text.ParseException 
{
  //NOTE: SimpleDateFormat uses GMT[-+]hh:mm for the TZ which breaks
  //things a bit.  Before we go on we have to repair this.
  SimpleDateFormat df = new SimpleDateFormat( "yyyy-MM-dd'T'HH:mm:ssz" );
  //this is zero time so we need to add that TZ indicator for 
  if ( input.endsWith( "Z" ) ) {
    input = input.substring( 0, input.length() - 1) + "GMT-00:00";
  } else {
    int inset = 6;
    String s0 = input.substring( 0, input.length() - inset );
    String s1 = input.substring( input.length() - inset, input.length() );    
    input = s0 + "GMT" + s1;
  }
  return df.parse( input );        
}