Question

http://jsfiddle.net/3NRsd/

var foo =  $("div").bind("click", function() {
    $("div").animate({"height" : "500px"}, 2000);
    $("div").animate({"height" : "50px"}, 2000);
    $("div").unbind();
    });

Answer 1

You could do:

function handler() {
    $(this)
     .unbind()
     .animate({"height" : "500px"}, 2000);
     .animate({"height" : "50px"}, 2000, function(){
         $(this).click(handler); // <- gets called once the animation finishes
     });
}

$('div').click(handler);

DEMO