wrapping text around a figure in latex

An example from Devin:

%\begin{wrapfigure}{l}{0.5\textwidth}
% \vspace{-27pt}
% \begin{center}
% \includegraphics[width=0.48\textwidth]{nsf_fig3.ps}
% \end{center}
% \vspace{-27pt}
% \caption{\it{}}
% \vspace{-12pt}
%\end{wrapfigure}
1:16
\usepackage{wrapfig}