Better Excerpt functionality for Wordpress. Just paste functions.php in Wordpress to use.

excerpt.php

/**
 * Excerpt by Alexander Conroy
 * Copyright 2012 Esotech Inc.
 * MIT License
 * http://opensource.org/licenses/MIT
 */
<?php
if(!function_exists( 'excerpt' ) ):
    function excerpt( $size = '165', $content = NULL, $echo = TRUE, $ellipsis = TRUE, $wrap = TRUE ) {
        if(!$content):
            $content = get_the_content();
        endif;
        $content = apply_filters( 'the_content', $content );
        $content = str_replace( ']]>', ']]&gt;', $content );
        $content = strip_tags( $content );
        $content = ltrim( $content);
		if(strlen($content) > $size):
        	$space   = strpos( $content, " ", $size);
		endif;
        
        if($space):
            $content = substr( $content, 0, $space );
        endif;
        if($ellipsis):
            $content = $content . "...";
        endif;
        if($wrap):
            $content = '<p>' . $content . '</p>';
        endif;
        if( $echo ):
            echo $content;
        else: 
            return $content;
        endif;
    }
endif;