You can either use the vertical-align property or you can float the image element.
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<p style="width:200px"><img src="http://rodentia.com/wmc/images/black_mouse.gif" style="float: right; padding: 6px 10px 6px 0px;">
Text goes here to wrap around the image Text goes here to wrap around the image Text goes here to around the image Text goes here to wrap around the image Text goes here.</p>