Object Oriented Modular Closure
From a once over:


Do not use data-function~="exploded-state-1", instead assign id's and search by id, this is the common ( and faster, better ) approach
One single var statement with comma separated variables is considered better
I would go for if (ExplodedContentWidget.length){ instead of if (ExplodedContentWidget[0]){
Variable names should follow lowerCamelCase so ExplodedEl -> explodedEl, the exception to that is for jQuery results so you could also use $exploded1
This : 

ExplodedEl.hide(); // default exploded content is hidden
ExplodedEl2.hide();
CloseButton.hide();


I would have addressed with a css class that hides these elements
You indent the code after var FullScreenViewButton = $('button');, dont do that. Consider using the jsbeautifier website
$('button'); &lt;- This is code waiting to go wrong, what if you have more than 1 button. Give the button an id, and select on that id
Your code passes JsHint.com nicely, well done
Also is this considered a closure? Your inline functions for .on('click' are closures.