Ok, I have very little experience with svg, but I found this great link from SO - LINK.
I must say @Drew Baker IS THE MAN!!! I've changed his code from "look at all the svgs on a page" (.each) to just "a single one".
Here is the FIDDLE.
Hover over the dragon for a second or two the first time and you'll see the eyes turn red, like in the CSS.
JS
var $img = $('img.svg');
var imgID = $img.attr('id');
var imgClass = $img.attr('class');
var imgURL = $img.attr('src');
$.get(imgURL, function(data) {
var $svg = $(data).find('svg');
$.get(imgURL, function(data) {
var $svg = $(data).find('svg');
if(typeof imgID !== 'undefined')
{
$svg = $svg.attr('id', imgID);
}
if(typeof imgClass !== 'undefined')
{
$svg = $svg.attr('class', imgClass+' replaced-svg');
}
$svg = $svg.removeAttr('xmlns:a');
$img.replaceWith($svg);
}, 'xml');
});