<div id="object">Hover here and wait</div>
<script>
var timeout;
var object = $("#object");
object.live('mouseenter', function() {
timeout = setTimeout(function(){
object.css({'color': 'red', 'font-size': '400%'});
object.html('Working');
}, 2000);
});
object.live('mouseleave', function() {
clearTimeout(timeout);
});
</script>