updated the code you can use the this keyword in place of the text to use the default text that would normally be displayed e.g.

<span id="tooltip" title="text here...">blah blah blah</span>

and use

$(function(){
    $("span#tooltip").hover(function(){
        $(this).toolTip({text:this});
    },function(){
        $(this).toolTip("destroy");
    });
});