I think I made up the "cellwrap" term but here is what I want to do, please
let me know if is there a setting in Excel 2007 to do this with.

Let's say you are typing a sentence of text into a cell. Normally if there
is nothing in the cells to the right the line of text will continue through
the next cells. Is there a setting that would turn the words around when
they reached the right hand border of the cells and make a 2nd or 3rd line
in the original cell instead of spilling over. I realize alt-enter would
form a hard line break and force the text to another line at that point.
The feature I envision would be dynamic and you would be able to change the
number of lines the cell takes up by increasing or decreasing the width of
the cell. Is this possible?

Thanks in advance... Bob