It's not ideal but you could use negative letter-spacing to help achieve the effect you are after. It will condense the text and you could adjust the font-size accordingly.
If you used a narrow font and also the negative letter-spacing like Joshua said, it would probably be as close as what you want. I think there may be some type of future way with text transform in 2d or 3d if I heard correctly, but even if it wouldn't be cross-browser compatible.
You just taught me something @Hompimpa, I never looked into scale beyond what I had seen and had no idea you could declare the x and y value separately! That works well: http://jsfiddle.net/sl1dr/KurYd/
Here is an example: http://jsfiddle.net/sl1dr/sucb5/
it's just related with what is your website all about