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function cut_text($x) {
    $alli = catch_that_image($x);
    if ($alli) {
        $x= substr($x, 0, $alli[2]+$alli[3]).
        substr(strip_only($x, '<img>'), $alli[2]);
    }
 
    if(strlen($x) > 700) {
        $x = substr($x, 0, 700);
        $y = strrpos($x, '>');
 
        $x = substr($x, 0, $y). '>...';
    }
    return $x;
}
 
function catch_that_image($x) {
  $first_img = '';
  $output = preg_match_all('/<img.+src=[\'"]([^\'"]+)[\'"].*>/i', $x, $matches);
  @$first_img = $matches [1][0];
 
  $imglen = strlen($matches [0][0]);
 
  if (strlen($matches [1][0]) AND $imglen){
      $imgpos = stripos($x, $matches [0][0]);
      $tx = substr($x, 0, $imgpos).substr($x, $imgpos+$imglen); //Vsio krome<img>
  }else{
    $tx = false;
  }
  return array($tx,$matches [0][0], $imgpos, $imglen );
}
 
function strip_only($str, $tags) {
    if(!is_array($tags)) {
        $tags = (strpos($str, '>') !== false ? explode('>', str_replace('<', '', $tags)) : array($tags));
        if(end($tags) == '') array_pop($tags);
    }
    foreach($tags as $tag) $str = preg_replace('#</?'.$tag.'[^>]*>#is', '', $str);
    return $str;
}
 
 
echo cut_text('<div class="content" style="min-height: 202px;">
<img width="200" height="200" alt="Post Pic" src="http://www.wprecipes.com/wp-content/uploads/2009/02/php2.jpg"/>
<div class="pic fl">
<img width="200" height="200" alt="Post Pic" src="http://www.wprecipes.com/wp-content/uploads/2009/02/php2.jpg"/>
</div>
<div class="post-title">
</div>
<img width="200" height="200" alt="Post Pic" src="http://www.wprecipes.com/wp-content/uploads/2009/02/php2.jpg"/>
<div class="post-excerpt">');