Here is what I try to achieve:
With the following HTML:
<div id="my1">
<p> some text </p>
<div id="wrap">Awesome content</div>
</div>
Having this:
text text text text text text text text text text text text text text
text text text text text div id="wrap" text text text text text
text text text text text text text text text text text text text text
Floating divs didn't help me reaching this result so far... (considering height and width for both my1 and wrap are known)?

A fiddle where the text starts from the right side of the wrapped div, when I wish it starts from the left of "my1" div, breaks around "wrap" div. http://jsfiddle.net/matmat/dxV4X/
Looks like you want something like float:center ? Well, the problem is that this property doesn't exist.
Here are 2 alternatives:

Set up markup like so:
<div>
<div id="wrap">Awesome content</div>
<div id="l">
<p>left text here</p>
</div>
<div id="r">
<p>right text here</p>
</div>
</div>
#wrap {
width:250px;
height: 250px;
background: yellow;
position: absolute;
top: 0;
left: 50%;
margin-left: -125px;
}
#l {
float: left;
}
#r {
float: right;
}
#l, #r {
width: 49%;
}
#l:before, #r:before {
content:"";
width: 125px;
height: 250px;
}
#l:before {
float: right;
}
#r:before {
float: left;
}

<div class="container">
<div class="exclusion">Awesome content which floats in the center</div>
<div class="dummy_text">all the text here</div>
</div>
.container {
font-size: small;
background: aqua;
position: relative;
}
.exclusion {
background-color: lime;
-ms-wrap-flow: both;
-ms-wrap-margin: 10px;
z-index: 1;
position:absolute;
left:0;right:0;
top:0;bottom:0;
width: 150px;
height: 100px;
background: yellow;
margin: auto;
}
For more info about CSS exclusion browser support and further resources see my answer here.
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