You could also use the [man]substr()[/man] function...
$text = "This is the string we are going to use.";
$text = substr($text, 0, 10);
$text .= "...";
echo $text;
// Outputs: This is th...
There was a thread opened a few weeks ago that showed how to use the loop so it doesn't cut a word off (you'd have to search the forum, because I can't find it right now), but if you don't mind the words being cut off, then this is another option.