Assuming that you are interested in implementing a synchronous shift register, you will need to provide a clock source to accompany your serial data stream. I would look at assigning the clock source to an external interrupt pin. That way you could use the interrupt service routine to read the state of the pin you have assigned to the incoming serial data stream.
Converting the incoming serial data to parallell data is then a matter of shifting the incoming serial bits into a register until the register has been fully populated. The register (typically 8-bits in length), once full, would then be written to memory and then the process would be repeated.