A B737 OVERSHOT THEIR ASSIGNED ALTITUDE WHEN THEY FAILED TO SET LOCAL ALTIMETER DSNDING BELOW 18000 FT ON ARR TO DEN.

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WE WERE ON THE DANDD 5 ARR INTO DEN. SHORTLY BEFORE REACHING FL180; ATC TOLD US TO EXPECT RWY 17R. WE HAD BRIEFED AND EXPECTED RWY 16L. AS WE CROSSED FL180; WE WERE BRIEFING THE NEW RWY AND THERE WAS A LOT OF ATC CONGESTION AND COMS. WE MISSED THE DSCNT CHKLIST AND WE WERE STILL SET TO ALTIMETER SETTING 29.92. WE WERE LEVEL AT 13000 FT AND ATC ASKED US OUR ALTITUDE. WE READ BACK 13000 FT AND THEN REALIZED THAT WE HAD MISSED THE DSCNT CHKLIST. THE NEW ALTIMETER SETTING PUT US ABOUT 400 FT LOW. THE CAPT QUICKLY CORRECTED AND WE COMPLETED THE DSCNT CHKLIST. THERE WAS NO FURTHER INCIDENT. BE ALERT FOR HIGH WORKLOADS WHILE ON ARRS INTO CONGESTED APTS. TRY AND BRIEF ALL POSSIBLE RWYS AND EXPECT LAST MINUTE CHANGES. THE CHKLIST SHOULD HAVE BEEN PUT ON A HIGHER PRIORITY THAN THE BRIEFING IN THIS SITUATION.SUPPLEMENTAL INFO FROM ACN 773896: TOO MANY THINGS HAPPENING AT ONCE. I SHOULD HAVE PRIORITIZED BETTER. I SHOULD HAVE SWITCHED TO INTERCOM AND SIMPLY SAID; 'FLIGHT ATTENDANTS; TAKE SEATS' AND LET THE FO (PM) HANDLE RADIOS; THEN DONE DSCNT CHK IN ACCORDANCE WITH FOM PROCS. THAT WOULD HAVE MADE A SMOOTHER FLOW; AND WE WOULD NOT HAVE MISSED SETTING NEW ALTIMETER.