Consider SomeStringVar as the string you are working with innertext data.
Note I removed the node dashes from your data provided.
Using XDocument.Parse method you can query the data as shown.
Code:
Private Sub Button2_Click( _
ByVal sender As System.Object, _
ByVal e As System.EventArgs) _
Handles Button2.Click
Dim SomeStringVar As String = _
<response>
<result>
<application_owner>mdcpinpoint</application_owner>
<application_list>
<applications>
<application>
<application_name>Activity Log</application_name>
<link_name>activity-log</link_name>
<access>private</access>
<created_time>2011-12-01 07:33:35.0</created_time>
</application>
<application>
<application_name>Contact</application_name>
<link_name>contact</link_name>
<access>private</access>
<created_time>2011-12-01 07:32:53.0</created_time>
</application>
<application>
<application_name>Visicode New Business</application_name>
<link_name>visicode-new-business</link_name>
<access>private</access>
<created_time>2011-11-24 03:54:19.0</created_time>
</application>
</applications>
</application_list>
</result>
</response>.ToString
Dim Doc As New XDocument
Doc = XDocument.Parse(SomeStringVar)
Dim Test = (From T In Doc...<application> _
Select Name = T.<application_name>.Value, _
Created = T.<created_time>.Value).ToList
For Each app In Test
Console.WriteLine("{0} {1}", app.Created, app.Name)
Next
End Sub
By creating a Schema you can get context help (Intellisense) when writing a LINQ statement
Code:
<?xml version="1.0" encoding="utf-8"?>
<xs:schema
attributeFormDefault="unqualified"
elementFormDefault="qualified"
xmlns:xs="http://www.w3.org/2001/XMLSchema">
<xs:element name="response">
<xs:complexType>
<xs:sequence>
<xs:element name="result">
<xs:complexType>
<xs:sequence>
<xs:element name="application_owner" type="xs:string" />
<xs:element name="application_list">
<xs:complexType>
<xs:sequence>
<xs:element name="applications">
<xs:complexType>
<xs:sequence>
<xs:element maxOccurs="unbounded" name="application">
<xs:complexType>
<xs:sequence>
<xs:element name="application_name" type="xs:string" />
<xs:element name="link_name" type="xs:string" />
<xs:element name="access" type="xs:string" />
<xs:element name="created_time" type="xs:string" />
</xs:sequence>
</xs:complexType>
</xs:element>
</xs:sequence>
</xs:complexType>
</xs:element>
</xs:sequence>
</xs:complexType>
</xs:element>
</xs:sequence>
</xs:complexType>
</xs:element>
</xs:sequence>
</xs:complexType>
</xs:element>
</xs:schema>