Use PHP to output first two paragraphs of MT entries
This is a quick and dirty solution for use in Movable Type templates, but it should work!
<?php $body = <<<EOT <$mt:EntryBody encode_php="here"$> EOT; preg_match_all('#<p>(.+?)</p>#is', $body, $matches); switch(count($matches[0])) { case 0: break; case 1: echo $matches[0][0]; break; case 2: echo $matches[0][0].$matches[0][1]; break; default: echo $matches[0][0]."<p>".$matches[1][1].' <a href="<mt:EntryPermalink>" class="actionlink">Read more »</a>'; break; } ?>