OK, so I think I figured it out right after posting this useing:
<?php query_posts(‘showposts=1’); ?>
before the loop.
Still looking for a way to only get a certain character limit (or a work around).
Also I was wondering if anyone knows a way to get only text and exclude any images or embedded video, code, iframes, ect. Dont know if this is possible or not, but if anyone has any ideas it would be great!