Not really clear on how, or if, I can use Webgrabber

I get my m3u list and xml EPG from a site URL. From what I understand, web grabber will allow me to download my xml epg, parse it, and then save it for simple client to use. Is that correct? Is there any way I can do this for channels? My m3u has the epg embedded in it if I choose to go that route.

Thank you.