Format Most Current Post Differently

I want my most current post the show the_content and all other posts to show the_excerpt. Can’t I use something like query_post to not only format the most current post differently, but display different information? Maybe using offset to have all the other posts listed on the home page? I know I’ve seen this around, the way to treat the most current post differently than the others displayed on the page, but I can’t find it anymore. Thanks for your time.

Signed,
Kicking Myself