Hey,
I don't think this will be super easy, but it should be possible with some tinkering. Boto uses the xml.sax parser to read XML. The main entry for this is "boto/handler.py". This is the code that walks the XML tree and for each top level tag, figures out which object to use for further parsing. This is where "startElement" and "endElement" come in. These are where the meat of the parsing is done, specify what when a specific tag is found.
In the boto code, the place where the handler is called is similar to:
So you should be able to write a bit of custom code to use this on your own input, instead of an HTTP response.