Set \mylength to the width of Short (or whaterver you use)
\newlength{\mylength}
\settowidth{\mylength}{Short}
and then
p{\textwidth-4\tabcolsep-\arrayrulewidth-\mylength\relax}
should do it.
\documentclass[a4paper,11pt]{article}
\usepackage{lipsum}
\usepackage{tabularx}
\usepackage{calc}
\newlength{\mylength}
\settowidth{\mylength}{Short}
\begin{document}
\noindent
\begin{tabularx}{\textwidth}{l | X X}
\hline
Short & \textbf{This text is a little bit longer} & And here is some more and more \\
& \multicolumn{2}{p{\textwidth-4\tabcolsep-\arrayrulewidth-\mylength\relax}}{\lipsum[1]} \\
Short & \textbf{This text is a little bit longer} & And here is some more and more \\
& \multicolumn{2}{p{\textwidth-4\tabcolsep-\arrayrulewidth-\mylength\relax}}{\lipsum[2]} \\
\end{tabularx}
\end{document}

Without tabularx (According to David, to save some memory) you can do this (Since we do manual calculations anyway):
\documentclass[a4paper,11pt]{article}
\usepackage{lipsum}
\usepackage{array}
\usepackage{calc}
\newlength{\mylength}
\settowidth{\mylength}{Short}
\begin{document}
\noindent
\begin{tabular}{l | *{2}{p{(\dimexpr\textwidth-\mylength-6\tabcolsep-\arrayrulewidth\relax)/2}}}
\hline
Short & \textbf{This text is a little bit longer} & And here is some more and more \\
& \multicolumn{2}{p{\textwidth-4\tabcolsep-\arrayrulewidth-\mylength\relax}}{\lipsum[1]} \\
Short & \textbf{This text is a little bit longer} & And here is some more and more \\
& \multicolumn{2}{p{\textwidth-4\tabcolsep-\arrayrulewidth-\mylength\relax}}{\lipsum[2]} \\
\end{tabular}
\end{document}
You cam get rid of those 2 bad boxes by using \raggeright in
\begin{tabular}{l | *{2}{>{\raggedright\arraybackslash}p{(\dimexpr\textwidth-\mylength-6\tabcolsep-\arrayrulewidth\relax)/2}}}
\hline