the get_excerpt function on WordPress shows the first 55 words of your post, striped out of any special formatting eg: links, bold, etc. I wanted to change it for a blog I was developing so I traced it back to the function wp_trim_excerpt in the file \wp-includes\formatting.php. In this file you can change the value from 55 to , in my case 100. Just change the line 786 which should look like this $excerpt_length = 55;
Please remember that this will change the default value for all you excerpts.
UPDATED: See Mike Schinkel’s comment for updated information (Thank you)
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