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1.
From film industry acronym "Wind reel and print" meaning rewind the film and print the rushes.
Said by the director at the end of a scene, indicating that everything appears to be satisfactory.
Hence; any task or event is complete.
"Check the gate and if the sound's OK, that's a wrap. Thanks everybody"
by Recklesswraith September 15, 2007
 
2.
Thats a wrap, as in when movie directors say "its a wrap" also "Dats a wrap" , "Your a wrap" meaning you are no longer a meaning in that persons life
"Dats a wrap my friend" "Dats a wrap for you"
by Missy March 06, 2005