sorry for my previous short reply ie:
/help $wrap
Set %txtline1 $wrap($1-, FONTNAMEHERE, FONTSIZEHERE, 530,1,1)
Set %txtline2 $wrap($1-, FONTNAMEHERE, FONTSIZEHERE, 530,1,2)
Set %txtline3 $wrap($1-, FONTNAMEHERE, FONTSIZEHERE, 530,1,3)
FONTNAME & SIZE well these are pretty clear, as for the rest...
I used 530 (width of the text) above as you said the picwin is 550, so i thought a small indenting would be what ya wanted, if not take it up to 550. The ,1 following the 530 means break at word boundries, if its not wanted set it to 0, for charcter boundries., the last value is what line of the text you want.