I found a less tedious way than the poster above to do what you want.
However the text wrap is not as close as you may want it to be. If you
look in the first few pages of the OneNote 07 tutorial, it has text
boxes with pictures on the same line.
You can copy and paste that selection and remove the picture, add your
own in, click on a space 1~2 lines below the picture, resume typing
there. It isn't perfect either as the pictures have to be on left most
or right most side of the text box.
This is the only way I found to wrap text around a picture. Regardless,
it is still much more troublesome than if there were an automatic
function for it.