using System;

using System.Globalization;

using System.Xml.Serialization;

using System.IO;

public class Program

{

    public static void Main()

    {

        var xml = @"<Root><![CDATA[<yay>this is some funky stuff</yay>]]></Root>";

        var serializer = new XmlSerializer(typeof(Root));

        using (var sr = new StringReader(xml))

        {

            Console.WriteLine(((Root)serializer.Deserialize(sr)).Text);

        }

    }

}

​

public class Root

{

    [XmlText]

    public string Text { get; set; }

}