Edit in JSFiddle

*{font-family: sans-serif;}

a{
    color: #03c;
    display: inline-block;
    overflow: hidden;
    vertical-align: top;
    -webkit-perspective: 600px;
    -moz-perspective: 600px;
    -o-perspective: 600px;
    -ms-perspective: 600px;
    perspective: 600px;
    -webkit-perspective-origin: 50% 50%;
    -moz-perspective-origin: 50% 50%;
    -o-perspective-origin: 50% 50%;
    -ms-perspective-origin: 50% 50%;
    perspective-origin: 50% 50%;
}

a span{
    display: block;
    position: relative;
    padding: 0 2px;
    -webkit-transition: all 400ms ease;
    -moz-transition: all 400ms ease;
    -o-transition: all 400ms ease;
    -ms-transition: all 400ms ease;
    transition: all 400ms ease;
    -webkit-transform-origin: 50% 0%;
    -moz-transform-origin: 50% 0%;
    -o-transform-origin: 50% 0%;
    -ms-transform-origin: 50% 0%;
    transform-origin: 50% 0%;
    -webkit-transform-style: preserve-3d;
    -moz-transform-style: preserve-3d;
    -o-transform-style: preserve-3d;
    -ms-transform-style: preserve-3d;
    transform-style: preserve-3d;
}

a:hover span {
    background: #03c;
    -webkit-transform: translate3d( 0px, 0px, -30px ) rotateX( 90deg );
    -moz-transform: translate3d( 0px, 0px, -30px ) rotateX( 90deg );
    -o-transform: translate3d( 0px, 0px, -30px ) rotateX( 90deg );
    -ms-transform: translate3d( 0px, 0px, -30px ) rotateX( 90deg );
    transform: translate3d( 0px, 0px, -30px ) rotateX( 90deg );
}

a span:after {
    content: attr(data-title);
    display: block;
    position: absolute;
    left: 0;
    top: 0;
    padding: 0 2px;
    color: #fff;
    background: #03c;
    -webkit-transform-origin: 50% 0%;
    -moz-transform-origin: 50% 0%;
    -o-transform-origin: 50% 0%;
    -ms-transform-origin: 50% 0%;
    transform-origin: 50% 0%;
    -webkit-transform: translate3d( 0px, 105%, 0px ) rotateX( -90deg );
    -moz-transform: translate3d( 0px, 105%, 0px ) rotateX( -90deg );
    -o-transform: translate3d( 0px, 105%, 0px ) rotateX( -90deg );
    -ms-transform: translate3d( 0px, 105%, 0px ) rotateX( -90deg );
    transform: translate3d( 0px, 105%, 0px ) rotateX( -90deg );
}

Lorem ipsum dolor sit amet, <a href="#"><span data-title="consectetur">consectetur</span></a> adipiscing elit. In dignissim auctor tempus. Sed hendrerit imperdiet est, a consectetur eros laoreet in. Quisque sed magna pulvinar leo posuere placerat ut et nulla. Lorem ipsum dolor sit amet, consectetur adipiscing elit. <a href="#"><span data-title="Maecenas rhoncus congue">Maecenas rhoncus congue</span></a> hendrerit. Aenean varius vestibulum enim, sit amet fermentum ligula volutpat sed. Phasellus eleifend ante non metus vehicula sit amet aliquet neque vehicula. <a href="#"><span data-title="Mauris porta">Mauris porta</span></a>, augue a accumsan pharetra, enim ante vehicula diam, vitae ullamcorper quam diam eu elit.