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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
 
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