If you are using MySQL check out the substring() and substring_index() functions.
You can something like the following:
$query = "SELECT id, concat(substring(text, 1, 25), "...") from TABLE where XXX=XXX";
That will give you the first 25 words of the TEXT field followed by '...' you can then add a MORE link that links to the whole story.
Substring_index() is maybe a better fit though, you can have it stop on a space (between words) and it looks a bit better.
-- Jason