So at 57 600 you have about 17uS per bit. That's only 27 instructions to sample and do something with the results.
No chance I would say unless you just want to do something really simple when you detect an error, like turn a LED on or increment a counter.
Why not just buy a logic analyser, or do you need to sample over a long period then analyse the results.
I gather you have access to both ends if the wire so you can compare in vs out?
Rob