I'm not sure I understand your question.
You mean vertically-center the floated element? I haven't yet thought of a way of doing that that still keeps the object in the flow of the document. In other words, not without absolutely positioning the element, which would take it out of the flow of the document and hence cease to be floated. Anyway, that is impossible AFAIK
At present floated elements can only be floated to the left or right. If you just want text to wrap around an image or block then if that is the case, you merely apply the float property to the image or block and the text that follows the image or block will wrap around it.
If you mean you want the text to wrap around both sides of the element, that is another impossible feat, given CSS's current capabilities. That's not to say that CSS3 won't have something like that (and then of course a browser would have to implement it), but currently it isn't possible.
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