I know it has never really been a case where you can transfer a demo character to a full retail version of a game, but is this available in Torchlight? 
 
I got a hardcore game going at the moment, I actually started it to kill some time before class, but now I have a sense of wanting to push farther than the level cap and the first dungeon.

Yes, I believe I heard that you can carry your demo character over to the full game so you don't have to start over. I just purchased the full version and didn't do the demo so I could be wrong.

Yea, you can do that.

The demo is actually the full game - when you buy the game it simply unlocks the full game from the demo and preserves the savegame.