Eine PDF-Datei aus dem Web herunterzuladen und anzuzeigen ist relativ einfach.
Folgender Methoden laden die Webseite, laden die PDF-Datei herunter, speichern diese in den Isolated Storage und starten die externe App mit dem Pfad der Datei.

Folgende Links geben weitere Informationen zu folgendem Code:

WebClient pdfDownloader = null;
string LastFileName = ""; //Speichert den Dateinamen der zuletzt gesicherten Datei

private void StartPDFDownload()
{
    pdfDownloader = new WebClient(); //prevents that the OpenReadCompleted-Event is called multiple times
    pdfDownloader.OpenReadCompleted += DownloadPDF; //Create an event handler
    pdfDownloader.OpenReadAsync(new Uri("Your URL as string with HTTP://")); //Start to read the website
}

async void DownloadPDF(object sender, OpenReadCompletedEventArgs e)
{
    byte[] buffer = new byte[e.Result.Length]; //Gets the byte length of the pdf file
    await e.Result.ReadAsync(buffer, 0, buffer.Length); //Waits until the rad is completed (Async doesn't block the GUI Thread)

    using (IsolatedStorageFile ISFile = IsolatedStorageFile.GetUserStoreForApplication())
    {
        try
        {
            LastFileName = "tempPDF" + DateTime.Now.Ticks + ".pdf";
            using (IsolatedStorageFileStream ISFileStream = ISFile.CreateFile(LastFileName))
            {
                await ISFileStream.WriteAsync(buffer, 0, buffer.Length);
            }
        }
        catch (Exception ex)
        {
            MessageBox.Show(ex.Message + Environment.NewLine + ex.HResult,
                ex.Source, MessageBoxButton.OK);
            //Catch errors regarding the creation of file
        }
    }
    OpenPDFFile();
}

private async void OpenPDFFile()
{
    StorageFolder ISFolder = Windows.Storage.ApplicationData.Current.LocalFolder;
    try
    {
        IStorageFile ISFile = await ISFolder.GetFileAsync(LastFileName);
        await Windows.System.Launcher.LaunchFileAsync(ISFile);
            //http://msdn.microsoft.com/en-us/library/windowsphone/develop/jj206987%28v=vs.105%29.aspx
    }
    catch (Exception ex)
    {
        //Catch unknown errors while getting the file
        //or opening the app to display it
    }
}