Wrap Around option is not visible until you are adding an image. Also, Wrap Around is an option for adding text to 3D models.
Here are the steps using an image:
1. Make a sample 3D object like a cylinder
2. With the cylinder in the Design View, you then select the File in the insert menu to pick your wrapping image.
3. Then I select the RS Logo that I have saved to my Desktop.
4. After clicking open, the image will stick to your mouse pointer waiting to be placed. You then select the 'Place wrapped Image' option in the Design View, the other option is a flat surface placement option for image.
5. Once the Wrap Around option is selected, you then select the surface of the Cylinder as this is where you want the wraparound. You can position before you set it and also scale its size by using your mouse scroll wheel.
Here is a screen shot of how the RS logo Image looks wrapped around.