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Your case 1 query should be
If the XML is going to be small, you could also do it this way purely in PL/SQL
SELECT extractvalue(v_xml,'/wb:data/wb:data/wb:country', 'xmlns:wb="http://www.worldbank.org/"')
[url http://anononxml.blogspot.com/2010/06/xml-parsing-with-namespaces-via-plsql.html]XML Parsing with Namespaces via PL/SQL. Ignore the DOMDocument examples (first two) in there.
If the XML will be large and you are on 11.1 or greater, then it would be faster to insert the XML into a column in a DB table (could be a global temporary table) where the column is XMLType and the storage is SECUREFILE BINARY (default on 18.104.22.168+). Then you could use XMLTable, like
[url http://anononxml.blogspot.com/2010/08/xml-parsing-with-namespaces-via.html]XML Parsing with Namespaces via XMLTable