Sure, here's what you need to do in product.tpl (might vary slightly in your version, this code is from 4.0.11 - so make a backup first!):
Replace this:
Code:
<TD valign="top" align="left" rowspan="2" width="100">
{include file="product_thumbnail.tpl" productid=$product.productid image_x=$product.image_x image_y=$product.image_y product=$product.product tmbn_url=$product.tmbn_url id="product_thumbnail"}
</TD>
<TD valign="top">
<SPAN class=>
{if $product.fulldescr ne ""}{$product.fulldescr}{else}{$product.descr}{/if}
</SPAN>
with this:
Code:
<TD valign="top">
{include file="product_thumbnail.tpl" productid=$product.productid image_x=$product.image_x image_y=$product.image_y product=$product.product tmbn_url=$product.tmbn_url id="product_thumbnail"}
{if $product.fulldescr ne ""}{$product.fulldescr}{else}{$product.descr}{/if}