"The rest"...
list($title, $blurb) = explode("\n", $text_wrap, 2);
Or if you don't want the wrapping in $blurb...
list($title) = explode("\n", $text_wrap, 2);
$blurb = trim(substr($orig_text, 0, strlen($title)));
Since you're removing the first line from $blurb, it seems possible to me that you're doing this so that you can display both of them together, but with the first line styled differently. If that's the case, then have a look at CSS's :first-line pseudo-element.