DateTime Conversion problem

Question

Hi..
 
I exported .ics(calendar) file from google calendar. Now i want to insert those events into database. while inserting we need to convert start time and end time to normal time.but i cant able to do that. how to convert it to Datetime format?
 
time is in this format "20120726T063000Z\r" 
 
i need 07/26/2012 12:00:00PM

Thanks in advance