I have the following SOAP response:
Short answer: yes. SOAP is XML. Any XML parser can read it. SOAP provides a whole layer of stuff using XML as the underlying data exchange format, but if you're not interested in using a SOAP library, an XML library will do it for you. Just makes more work for you.
You need to escape special characters (the colon) using double backslashes \\
var xmlText = $(xml).find("soap\\:Envelope")
.find("soap\\:Body")
.find("getPurseBalanceResponse")
.find("getPurseBalanceResult")
.find("balance").text();
console.log(xmlText);
Here is a working fiddle.