- I want to wrap it WITH the paper
- I want to wrap it IN the paper
- I want to wrap it BY the paper
Wrap is used as a transitive verb, an intransitive verb and a noun.
As a transitive verb, you wrap something in/by something else or for someone.
To wrap something IN paper = to use paper to surround something completely (denotes enclosure of one thing by another).
To wrap something BY something = to conduct the wrapping beside something else (denotes a position in space).
To wrap something FOR someone = to conduct the wrapping with a particular intention which relates to another person (denotes an intention).
As an intransitive verb, you wrap up something, meaning to finish or end it.
We have to wrap up the meeting at 4 o'clock sharp.