The first aspect you should realize is that wrapping text has more to do with images than the actual text. The text just needs to be sized, the font needs to be selected, the color needs to be decided and the text will be ready to be wrapped. The IMG tag is where all the magic happens.
Within the IMG tag, the most powerful attribute for wrapping text is ALIGN. The variables for the ALIGN attribute are LEFT, RIGHT, TOP, MIDDLE, BOTTOM, TEXTTOP, ABSMIDDLE, ABSBOTTOM and BASELINE. Depending on which variable you select, the picture will act a certain way to cause the text to be wrapped around it.
The first set of these variables controls the actual image. LEFT, RIGHT, TOP, MIDDLE and BOTTOM tells the text where to go in relation to the image. TEXTTOP, ABSMIDDLE, ABSBOTTOM and BASELINE are different because they instruct the image where to go in relation to the text.
Below you will see a sample of HTML for aligning an image to the right, along with the result.