How to modify the_excerpt()?

Hi, I have what might be a very simple to answer question.

Basically, I would like to know how to modify the formatting WP puts on the_excerpt. It’s automatically adding a p tag, and I would like it… not to do that. ??

I searched around a bit in wp_includes to see if I could find out where this formatting comes from, and I’ll continue to look, but I thought I’d ask about it here.

Thanks!

joi.