With latest version of URMV3.2, the output mode is so easy to change. Simply swapping three jumpers, you can either have RS232 output or TTL output.
First, change the output to TTL mode.

TTL Output Mode
Please be careful to set this. Directly connect to TTL level without changing the jumper will damage the sensor. So, please double check the jumper. 
/* Ultrasound Sensor
*------------------
* URM V3.2 ultrasonic sensor TTL connection with Arduino
* Reads values (0-300) from an ultrasound sensor (3m sensor)
* and writes the values to the serialport.
* Pin12 (Arduino)-> Pin 1 VCC (URM V3.2)
* GND (Arduino) -> Pin 2 GND (URM V3.2)
* Pin11 (Arduino) -> Pin 7 (URM V3.2)
* Pin 0 (Arduino) -> Pin 9 (URM V3.2)
* Pin 1 (Arduino) -> Pin 8 (URM V3.2)
* www.yerobot.com
* Last modified 20/04/2009
*/
int UREnable = 11; // Ultrasound enable pin
int URPower = 12; // Ultrasound power pin
int val = 0;
int USValue = 0;
int timecount = 0; // Echo counter
int ledPin = 13; // LED connected to digital pin 13
boolean flag=true;
uint8_t DMcmd[4] = { 0x22, 0x00, 0x00, 0x22}; //distance measure command
void setup() {
Serial.begin(9600); // Sets the baud rate to 9600
pinMode(ledPin, OUTPUT); // Sets the digital pin as output
pinMode(UREnable, OUTPUT);
digitalWrite(UREnable, HIGH); // Set to High
pinMode(URPower, OUTPUT);
digitalWrite(URPower, HIGH); // Set to High
delay(200); //Give sensor some time to start up --Added By crystal from Singapo, Thanks Crystal.
}
void loop()
{
flag=true;
//Sending distance measure command : 0x22, 0x00, 0x00, 0x22 ;
for(int i=0;i<4;i++)
{
Serial.print(DMcmd[i],BYTE);
}
delay(75); //delay for 75 ms
while(flag)
{
if(Serial.available()>0)
{
int header=Serial.read(); //0x22
int highbyte=Serial.read();
int lowbyte=Serial.read();
int sum=Serial.read();//sum
if(highbyte==255)
{
USValue=65525; //if highbyte =255 , the reading is invalid.
}
else
{
USValue = highbyte*255+lowbyte;
}
Serial.print("Distance=");
Serial.print(USValue);
flag=false;
}
}
delay(50);
}