I have been working on a screen saver for IIS reporter. In doing research for that I made / modified a C# (Visual studio 2005) demo for and RSS screen saver. This screen saver is build in Visual C# express and uses the .net framework 2.0.
It will take a selected RSS feed and display it as a screen saver. You can also select what backgroup images you want behind the RSS feed.
I have modified it so that it can be somewhat interactive. You can use the arrow keys to go up or down the descriptions to grab the rss full text.
You can download here (jimiz.net rss screen saver)
Download and have fun. You have to extract the files to the c:\windows\system32 dir for the configuration to work.