SO fiddle

Test Fiddle mainly for SO Questions

by Nick Craver

HTML

<link rel="stylesheet" href="http://ajax.googleapis.com/ajax/libs/jqueryui/1.8.4/themes/overcast/jquery-ui.css">
<div class="myTweet">Check out this awesome link <a href="http://bit.ly/uglylookinglink">http://bit.ly/uglylookinglink</a></div>

JavaScript

$(".myTweet a").each(function() {
  $(this).empty().parent().wrapInner(this);
});