Here is the HTML markup:
<span contenteditable="false"></span>
Here is the jQuery/javascript:
$(document).ready(function() {
    $('[contenteditable]').dblclick(function() {
        $(this).attr('contenteditable', 'true');
        clearSelection();
        $(this).trigger('focus');
    });
    $('[contenteditable]').live('focus', function() {
        before = $(this).text();
        if($(this).attr('contenteditable') == "true") { $(this).css('border', '1px solid #ffd646'); }
    //}).live('blur paste', function() {
    }).live('blur', function() {
        $(this).attr('contenteditable', 'false');
        $(this).css('border', '1px solid #fafafa');
        $(this).text($(this).text().replace(/(\r\n|\n|\r)/gm,""));
        if (before != $(this).text()) { $(this).trigger('change'); }
    }).live('keyup', function(event) {
        // ESC=27, Enter=13
        if (event.which == 27) {
            $(this).text(before);
            $(this).trigger('blur');
        } else if (event.which == 13) {
            $(this).trigger('blur');
        }
    });
    $('[contenteditable]').live('change', function() {
        var $thisText = $(this).text();
        //Do something with the new value.
    });
});
function clearSelection() {
    if ( document.selection ) {
        document.selection.empty();
    } else if ( window.getSelection ) {
        window.getSelection().removeAllRanges();
    }
}
Hope this helps someone!!!