Not really JQuery, but as I was passing with a newbie question of my own and saw this...
You could possibly use a canvas in HTML5 to stretch text vertically:
<canvas id="textCanvas" width="200" height="120">
Some text for browsers without canvas support
</canvas>
<script type="text/javascript">
window.addEventListener('load', function () {
var canv=document.getElementById('textCanvas');
var context=canv.getContext('2d');
context.fillStyle = '#00f';
context.scale(.25,1);
context.font = 'italic 120px arial';
context.textBaseline = 'bottom';
context.fillText ('Hello world!', 0, 120);
});
</script>
Perry