You gotta have it in your blog, right? You can have it with very few changes to your template. I spent a few hours on this and surpassed some limitations of script.aculo.us and (bugridden) IE to get this working in Firefox, IE and Opera. Just follow these steps if you have already installed peekaboo posts in your blog.
Step 1: Add these lines before the /head tag.
var fade = true;
var peekaboo_bgcolor = '#ffffff';
If your blog's background color is anything other than white, you need to change the peekaboo_bgcolor appropriately for it to work properly in IE. Since most blogs have white background, it should work as it is.
Step 2: Find this portion of code and remove the line shown in red.
<div class='post-body'>That's it! Go ahead and impress your readers. Scriptaculous has many more effects like slide down/up, drap/drop etc which I will try to make use of in the future. If you liked this, help me spread the word about bvibes.com (which has 170+ registered users now) by adding the bvibes button to your sidebar as described here.
<b:if cond='data:blog.pageType == "item"'>