Kind of along the same lines as Andrew, but with some Javascript:
Cut the literal where you want to, and add in a Hyperlink and a span with display:none.
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do
eiusmod tempor <a href="#" id="readMore">Read More ...</a>
<span id="readMoreText">incididunt ut labore et dolore magna aliqua.
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi
ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit
in voluptate velit esse cillum dolore eu fugiat nulla pariatur.
Excepteur sint occaecat cupidatat non proident, sunt in culpa qui
officia deserunt mollit anim id est laborum.</span>
You can kind of see it in there. In your Javascript (jQuery), when the #readMore is clicked, have #readMoreText go from display:none to display:inline, and have the hyperlink be display:none.