split
isn't to be confused with jQuery, it's actually a JavaScript function that returns an array of strings - you can see an introduction to it here: http://www.w3schools.com/jsref/jsref_split.asp
Here's the code that would make your example work:
var text="Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor. Aenean massa. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus."
// Note the trailing space after the full stop.
// This will ensure that your strings don't start with whitespace.
var sentences = text.split(". ");
// This stores the first two sentences in an array
var first_sentences = sentences.slice(0, 2);
// This loops through all of the sentences
for (var i = 0; i < sentences.length; i++) {
var sentence = sentences[i]; // Stores the current sentence in a variable.
alert(sentence); // Will display an alert with your sentence in it.
}