Lets say I have a table as such:
Column | Type | Notes
---------+------------ +----------------------------------------------
Here's a simple way using standard SQL:
INSERT INTO mytable (id, seq, data)
SELECT << your desired ID >>,
COUNT(*) + 1,
'Quick brown fox, lorem ipsum, lazy dog, etc etc.'
FROM mytable
WHERE id = << your desired ID (same as above) >>;
See SQL Fiddle Demo.
(If you wanted to be a bit cleverer you could consider creating a trigger to update the row using the same method immediately after an insert.)