We present a novel approach to metaphor interpretation and a system that produces literal paraphrases for metaphorical expressions. Such a representation is directly transferable to other applications that can benefit from a metaphor processing component. Our method is distinguished from the previous work in that it does not rely on any hand-crafted knowledge about metaphor, but in contrast employs automatically induced selectional preferences. Being the first of its kind, our system is capable of paraphrasing metaphorical expressions with a high accuracy (0.81).