First add a reference to the Microsoft.Feeds COM component.

Then, use the code below:

Code for Form1.cs:

using System;
using System.Collections.Generic;
using System.ComponentModel;
using System.Data;
using System.Drawing;
using System.Text;
using System.Windows.Forms;
using Microsoft.Feeds.Interop;

namespace RSSViewer
{
   public partial class Form1 : Form
   {
       FeedsManager feedsManager = new FeedsManager();

       public Form1()
       {
           InitializeComponent();

       }

       private void Form1_Load(object sender, EventArgs e)
       {
           LoadFolders();
       }

       private void LoadFolders()
       {
           IFeedFolder root = feedsManager.RootFolder as IFeedFolder;

           IFeedFolderEvents_Event watcher =
root.GetWatcher(FEEDS_EVENTS_SCOPE.FES_ALL,
FEEDS_EVENTS_MASK.FEM_FOLDEREVENTS | FEEDS_EVENTS_MASK.FEM_FEEDEVENTS)
               as IFeedFolderEvents_Event;

           watcher.FeedAdded += new
IFeedFolderEvents_FeedAddedEventHandler(watcher_FeedManager);
           watcher.FeedDeleted += new
IFeedFolderEvents_FeedDeletedEventHandler(watcher_FeedManager);

           InitializeReader(root);
       }

       void watcher_FeedManager(string Path)
       {
           IFeedFolder root = feedsManager.RootFolder as IFeedFolder;
           InitializeReader(root);
       }

       private void InitializeReader(IFeedFolder root)
       {
           tvFolders.Nodes.Clear();
           TreeNode tn = new TreeNode("RSS Feeds");
           AddFeeds(tn, root);
           AddFolder(tn, root);
           tn.Tag = root;
           tvFolders.Nodes.Add(tn);
           tvFolders.ExpandAll();
       }

       private void AddFolder(TreeNode parent, IFeedFolder folder)
       {
           IFeedsEnum folders = folder.Subfolders as IFeedsEnum;
           for (int i = 0; i < folders.Count; i++)
           {
               IFeedFolder subFolder = folders.Item(i) as IFeedFolder;

               TreeNode tn = null;
               tn = new TreeNode(subFolder.Name);

               tn.Tag = subFolder;

               parent.Nodes.Add(tn);

               AddFeeds(tn, subFolder);

               AddFolder(tn, subFolder);
           }
       }

       private void AddFeeds(TreeNode parent, IFeedFolder folder)
       {
           IFeedsEnum feeds = folder.Feeds as IFeedsEnum;

           for (int i = 0; i < feeds.Count; i++)
           {
               IFeed feed = feeds.Item(i) as IFeed;
               try
               {
                   //feed.Download();
                   TreeNode tn = null;
                   System.Diagnostics.Debug.WriteLine("Feed: {0}",
feed.Name);
                   tn = new TreeNode(string.Format("{0}: {1}",
feed.Name, feed.Description));
                   tn.Tag = feed;
                   parent.Nodes.Add(tn);

               }
               catch (Exception)
               {
               }
           }
       }

       private void tvFolders_AfterSelect(object sender,
TreeViewEventArgs e)
       {
           lbFeeds.Items.Clear();
           TreeNode tn = e.Node;
           IFeed feed = tn.Tag as IFeed;

           if (feed == null)
               return;

           IFeedsEnum feeds = feed.Items  as IFeedsEnum;

           for (int i = 0; i < feeds.Count; i++)
           {
               IFeedItem item = feeds.Item(i) as IFeedItem;
               ListBoxFeedItemHelper feedItem = new
ListBoxFeedItemHelper(item);
               lbFeeds.Items.Add(feedItem);

           }
       }

       private void lbFeeds_SelectedIndexChanged(object sender,
EventArgs e)
       {
           ListBoxFeedItemHelper helper = lbFeeds.SelectedItem as
ListBoxFeedItemHelper;

           webBrowserFeedOuput.DocumentText = helper.Description;
       }

       private void refreshToolStripMenuItem_Click(object sender,
EventArgs e)
       {
           InitializeReader(feedsManager.RootFolder as IFeedFolder);
       }

   }

   class ListBoxFeedItemHelper
   {
       IFeedItem feedItem;
       public ListBoxFeedItemHelper(IFeedItem item)
       {
           feedItem = item;
       }

       public IFeedItem FeedItem
       {
           get { return feedItem; }
           set { feedItem = value; }
       }

       public string Title
       {
           get { return feedItem.Title; }
       }

       public string Description
       {
           get { return feedItem.Description; }
       }

       override public string ToString()
       {
           return Title;
       }
   }
}

Code for Form1.Designer.cs:

namespace RSSViewer
{
   partial class Form1
   {
       /// <summary>
       /// Required designer variable.
       /// </summary>
       private System.ComponentModel.IContainer components = null;

       /// <summary>
       /// Clean up any resources being used.
       /// </summary>
       /// <param name="disposing">true if managed resources should be
disposed; otherwise, false.</param>
       protected override void Dispose(bool disposing)
       {
           if (disposing && (components != null))
           {
               components.Dispose();
           }
           base.Dispose(disposing);
       }

       #region Windows Form Designer generated code

       /// <summary>
       /// Required method for Designer support - do not modify
       /// the contents of this method with the code editor.
       /// </summary>
       private void InitializeComponent()
       {
           this.components = new System.ComponentModel.Container();
           System.ComponentModel.ComponentResourceManager resources =
new System.ComponentModel.ComponentResourceManager(typeof(Form1));
           this.splitContainer1 = new
System.Windows.Forms.SplitContainer();
           this.tvFolders = new System.Windows.Forms.TreeView();
           this.imageList1 = new
System.Windows.Forms.ImageList(this.components);
           this.menuStrip1 = new System.Windows.Forms.MenuStrip();
           this.refreshToolStripMenuItem = new
System.Windows.Forms.ToolStripMenuItem();
           this.splitContainer2 = new
System.Windows.Forms.SplitContainer();
           this.lbFeeds = new System.Windows.Forms.ListBox();
           this.webBrowserFeedOuput = new
System.Windows.Forms.WebBrowser();
           this.splitContainer1.Panel1.SuspendLayout();
           this.splitContainer1.Panel2.SuspendLayout();
           this.splitContainer1.SuspendLayout();
           this.menuStrip1.SuspendLayout();
           this.splitContainer2.Panel1.SuspendLayout();
           this.splitContainer2.Panel2.SuspendLayout();
           this.splitContainer2.SuspendLayout();
           this.SuspendLayout();
           //
           // splitContainer1
           //
           this.splitContainer1.Dock =
System.Windows.Forms.DockStyle.Fill;
           this.splitContainer1.Location = new System.Drawing.Point(0,
0);
           this.splitContainer1.Name = "splitContainer1";
           //
           // splitContainer1.Panel1
           //
           this.splitContainer1.Panel1.Controls.Add(this.tvFolders);
           this.splitContainer1.Panel1.Controls.Add(this.menuStrip1);
           //
           // splitContainer1.Panel2
           //
           
this.splitContainer1.Panel2.Controls.Add(this.splitContainer2);
           this.splitContainer1.Size = new System.Drawing.Size(939,
528);
           this.splitContainer1.SplitterDistance = 313;
           this.splitContainer1.TabIndex = 0;
           //
           // tvFolders
           //
           this.tvFolders.Dock = System.Windows.Forms.DockStyle.Fill;
           this.tvFolders.ImageIndex = 0;
           this.tvFolders.ImageList = this.imageList1;
           this.tvFolders.Location = new System.Drawing.Point(0, 24);
           this.tvFolders.Name = "tvFolders";
           this.tvFolders.SelectedImageIndex = 0;
           this.tvFolders.Size = new System.Drawing.Size(313, 504);
           this.tvFolders.TabIndex = 1;
           this.tvFolders.AfterSelect += new
System.Windows.Forms.TreeViewEventHandler(this.tvFolders_AfterSelect);
           //
           // imageList1
           //
           this.imageList1.ImageStream =
((System.Windows.Forms.ImageListStreamer)(resources.GetObject("imageList1.ImageStream")));
           this.imageList1.TransparentColor =
System.Drawing.Color.Transparent;
           this.imageList1.Images.SetKeyName(0, "feed-icon-14x14.png");
           //
           // menuStrip1
           //
           this.menuStrip1.Items.AddRange(new
System.Windows.Forms.ToolStripItem[] {
           this.refreshToolStripMenuItem});
           this.menuStrip1.Location = new System.Drawing.Point(0, 0);
           this.menuStrip1.Name = "menuStrip1";
           this.menuStrip1.Size = new System.Drawing.Size(313, 24);
           this.menuStrip1.TabIndex = 2;
           this.menuStrip1.Text = "menuStrip1";
           //
           // refreshToolStripMenuItem
           //
           this.refreshToolStripMenuItem.Name =
"refreshToolStripMenuItem";
           this.refreshToolStripMenuItem.Size = new
System.Drawing.Size(58, 20);
           this.refreshToolStripMenuItem.Text = "Refresh";
           this.refreshToolStripMenuItem.Click += new
System.EventHandler(this.refreshToolStripMenuItem_Click);
           //
           // splitContainer2
           //
           this.splitContainer2.Dock =
System.Windows.Forms.DockStyle.Fill;
           this.splitContainer2.Location = new System.Drawing.Point(0,
0);
           this.splitContainer2.Name = "splitContainer2";
           this.splitContainer2.Orientation =
System.Windows.Forms.Orientation.Horizontal;
           //
           // splitContainer2.Panel1
           //
           this.splitContainer2.Panel1.Controls.Add(this.lbFeeds);
           //
           // splitContainer2.Panel2
           //
           
this.splitContainer2.Panel2.Controls.Add(this.webBrowserFeedOuput);
           this.splitContainer2.Size = new System.Drawing.Size(622,
528);
           this.splitContainer2.SplitterDistance = 207;
           this.splitContainer2.TabIndex = 0;
           //
           // lbFeeds
           //
           this.lbFeeds.Dock = System.Windows.Forms.DockStyle.Fill;
           this.lbFeeds.FormattingEnabled = true;
           this.lbFeeds.Location = new System.Drawing.Point(0, 0);
           this.lbFeeds.Margin = new System.Windows.Forms.Padding(3, 6,
3, 6);
           this.lbFeeds.Name = "lbFeeds";
           this.lbFeeds.Size = new System.Drawing.Size(622, 199);
           this.lbFeeds.TabIndex = 1;
           this.lbFeeds.SelectedIndexChanged += new
System.EventHandler(this.lbFeeds_SelectedIndexChanged);
           //
           // webBrowserFeedOuput
           //
           this.webBrowserFeedOuput.Dock =
System.Windows.Forms.DockStyle.Fill;
           this.webBrowserFeedOuput.Location = new
System.Drawing.Point(0, 0);
           this.webBrowserFeedOuput.MinimumSize = new
System.Drawing.Size(20, 20);
           this.webBrowserFeedOuput.Name = "webBrowserFeedOuput";
           this.webBrowserFeedOuput.Size = new System.Drawing.Size(622,
317);
           this.webBrowserFeedOuput.TabIndex = 0;
           //
           // Form1
           //
           this.AutoScaleDimensions = new System.Drawing.SizeF(6F,
13F);
           this.AutoScaleMode =
System.Windows.Forms.AutoScaleMode.Font;
           this.ClientSize = new System.Drawing.Size(939, 528);
           this.Controls.Add(this.splitContainer1);
           this.MainMenuStrip = this.menuStrip1;
           this.Name = "Form1";
           this.Text = "RSS Viewer";
           this.Load += new System.EventHandler(this.Form1_Load);
           this.splitContainer1.Panel1.ResumeLayout(false);
           this.splitContainer1.Panel1.PerformLayout();
           this.splitContainer1.Panel2.ResumeLayout(false);
           this.splitContainer1.ResumeLayout(false);
           this.menuStrip1.ResumeLayout(false);
           this.menuStrip1.PerformLayout();
           this.splitContainer2.Panel1.ResumeLayout(false);
           this.splitContainer2.Panel2.ResumeLayout(false);
           this.splitContainer2.ResumeLayout(false);
           this.ResumeLayout(false);

       }

       #endregion

       private System.Windows.Forms.SplitContainer splitContainer1;
       private System.Windows.Forms.SplitContainer splitContainer2;
       private System.Windows.Forms.TreeView tvFolders;
       private System.Windows.Forms.ListBox lbFeeds;
       private System.Windows.Forms.WebBrowser webBrowserFeedOuput;
       private System.Windows.Forms.ImageList imageList1;
       private System.Windows.Forms.MenuStrip menuStrip1;
       private System.Windows.Forms.ToolStripMenuItem
refreshToolStripMenuItem;
   }
}

--
Bryan Phillips
MCSD, MCDBA, MCSE
Blog:  http://bphillips76.spaces.live.com