You might want to take a look at an article I wrote when GTFS Realtime v2 was released that discusses consuming feeds:
In that I mention the gtfs-realtime-bindings project, which includes software libraries in a number of programming languages that enables your application to consume GTFS Realtime feeds without having to worry about the low-level work of decoding the protocol buffer message :
There are some example demo apps using GTFS Realtime listed here:
As Minea mentioned, to really make sense of GTFS Realtime you'll need the corresponding GTFS static dataset.
Center for Urban Transportation Research
University of South Florida