You can wrap text around any object, including text frames, imported images, and objects you draw in InDesign. When you apply a text wrap to an object, InDesign creates a boundary around the object that repels text. The object that text wraps around is called the wrap object. Text wrap is also referred to as runaround text.
Keep in mind that text wrap options apply to the object being wrapped, not the text itself. Any change to the wrap boundary will remain if you move the wrap object near a different text frame.
InDesign Magazine provides an article about text wrap at Take Control of Text Wrap.