I was reading a post tonight about wrapping text around an image in WordPress and it reminded me of a fix I saw a long time ago that I still use. I am no expert, so I don't know if it's even necessary, but I like the flexability it gives me.
I post the image the normal way, but sometimes the formattion pushes the text below the image and wastes a lot of space, so I switch to Text mode and paste a line of code in the image tag just before th <alt
style="border: 0pt none; float: left; padding-right: 10px; padding-bottom: 10px;"
Make sure there is a space before and after it and you can change the left to right or right to left in both places to switch sides. You can also adjust the padding from 10 to whatever you like.