What is the code that limits wordpress to only display up to the first image in a post (basically want my blog post previews to have a little text and then a image)?
You can use the <!--more--> tag to decide where you want the post previews to stop. Just press the Insert More Tag button or press Alt-Shift-T in the Edit Post screen.
http://farm4.static.flickr.com/3361/3620295464_ffb46a3632_o.jpg