Photoland Theme Displaying content on index page

My website is this as you will see the title of the image(post) is displayed below the image, I want a part of the text to be displayed below the title too. I am not a programmer, but I assume that this part of the code should ideally do this.

<div class="main_image">
    <?php if ($img) { ?><img src="<?php bloginfo('template_directory'); ?>/scripts/timthumb.php?h=640&w=960&zc=1&src=<?php echo $img ?>" alt="<?php the_title(); ?>" /><?php } else
    { ?><img src="<?php bloginfo('template_directory'); ?>/images/no-photo.png" alt="<?php the_title(); ?>" width="960" height="640" /><?php } ?>
    <div class="desc">
        <a href="##" class="collapse">Close Me!</a>
        <div class="block">
            <h2><a href="<?php the_permalink(); ?>" title="<?php the_title(); ?>"><?php the_title(); ?></a></h2>
            <small><?php the_time("$dateformat"); ?></small>
            <p><?php the_content_limit(160, ''); ?></p>
        </div>
    </div>
</div>

<div class="image_thumb">
    <ul>

        <li>

            <?php if ($img) { ?><a href="<?php bloginfo('template_directory'); ?>/scripts/timthumb.php?h=640&w=960&zc=1&src=<?php echo $img ?>"><img src="<?php bloginfo('template_directory'); ?>/scripts/timthumb.php?h=45&w=60&zc=1&src=<?php echo $img ?>" alt="<?php the_title(); ?>" /></a><?php }
            else { // show ?>
            <a href="<?php bloginfo('template_directory'); ?>/images/no-photo.png"><img src="<?php bloginfo('template_directory'); ?>/scripts/timthumb.php?h=45&w=60&zc=1&src=<?php bloginfo('template_directory'); ?>/images/no-photo-s.png" alt="<?php the_title(); ?>" /></a>
            <?php } ?>
            <div class="block">
                <h2><a href="<?php the_permalink(); ?>" title="<?php the_title(); ?>"><?php the_title(); ?></a></h2>
                <small><?php the_time("$dateformat"); ?></small>
                <p><?php the_content_limit(160, ''); ?></p>
            </div>
        </li>
        <?php } // if $i == 1
        elseif ($i > 1){
 ?>

        <li>

            <?php if ($img) { ?><a href="<?php bloginfo('template_directory'); ?>/scripts/timthumb.php?h=640&w=960&zc=1&src=<?php echo $img ?>"><img src="<?php bloginfo('template_directory'); ?>/scripts/timthumb.php?h=45&w=60&zc=1&src=<?php echo $img ?>" alt="<?php the_title(); ?>" /></a><?php }
            else { // show ?>
            <a href="<?php bloginfo('template_directory'); ?>/images/no-photo.png"><img src="<?php bloginfo('template_directory'); ?>/scripts/timthumb.php?h=45&w=60&zc=1&src=<?php bloginfo('template_directory'); ?>/images/no-photo-s.png" alt="<?php the_title(); ?>" /></a>
            <?php } ?>

            <div class="block">
                <h2><a href="<?php the_permalink(); ?>" title="<?php the_title(); ?>"><?php the_title(); ?></a></h2>
                <small><?php the_time("$dateformat"); ?></small>
                <p><?php the_content_limit(160, ''); ?></p>
            </div>
        </li>

        <?php } // elseif $i > 1 ?>

<?php endwhile; ?>

    <?php if ($i > 0) { ?></ul><div class="cleaner cleaner-spec">&nbsp;</div></div><?php } ?>

        </div><!-- end #featPosts -->

as of now no text/content from the post is displayed, what do i need to change here. Any help in this regard would be great.