When mocking up a web design today, I ran into the need to represent an image floated inside text. When doing this for print work it is just an easy matter of wrapping the text around the image. However, Photoshop is not as robust in its text handling as InDesign or even Illustrator and does not have text wrapping capability. A quick search on Google came up with this technique for simulating text wrapping in Photoshop. Not as slick as an InDesign wrap but decent.