Wrapping figures in LaTeX will require a lot of manual adjustment of your document. You may feel that it is a bit long winded, but such distinctions are necessary, because you may not want all tables to be treated as a float. It specifies the height of the figure in number of lines of text. The location of the caption is traditionally underneath the float. If you place it before, then the caption will appear above the float.
LaTeX/Floats, Figures and Captions
Floating tables are covered in a separate chapter. There is also an alternative to wrapfig: The KOMA script packages  have their own caption customizing features with e.
These are simply possibilities, and LaTeX will decide when typesetting your document which of your supplied specifiers it thinks is best. Labels and cross-references work fairly similarly to the general case - see the Labels and Cross-referencing section for more information. Authors sometimes have many floats occurring in rapid succession, which raises the problem of how they are supposed to fit on the page and still leave room for text.