Seeing the function 'the_content()' could help.
Because now you have to mask the link, and if we could edit that function we could just remove the link out of it.
It could be that you need to replace the line:
PHP Code: 
<?php the_content(); ?>
with
PHP Code: 
<?php the_content(''); ?>
Or
PHP Code: 
<?php the_content('&nbsp;'); ?>
PHP Code: 
<?php get_header(); ?>
    <div id="content" class="narrowcolumn">
    <?php if (have_posts()) : while (have_posts()) : the_post(); ?>
            <div class="post" id="post-<?php the_ID(); ?>">
                <div class="post-top">
                    <div class="post-title">
                        <h2><a href="<?php the_permalink() ?>" rel="bookmark" title="Permanent Link to <?php if ( function_exists('the_title_attribute')) the_title_attribute(); else the_title(); ?>"><?php the_title(); ?></a></h2>
                        <h3>
                            Posted by <span><?php the_author() ?></span>  |  Posted in <span><?php the_category(', '?></span>  |  Posted on <?php the_time('d-m-Y'?>-05-2008
                        </h3>
                    </div>
                    <h4><?php comments_number('0''1''%'); ?></h4>
                </div>
                <div class="entry">
                    <?php the_content(); ?>
                </div>
                <div class="postmetadata">
                    <div class="alignright"><a href="<?php the_permalink() ?>" >Read More</a></div>
                </div>
            </div>
    <?php comments_template(); ?>
    <?php endwhile; else: ?>
        <p>Sorry, no posts matched your criteria.</p>
<?php endif; ?>
    </div>