The expression “wrap up” can mean various things, often very different things that depend on the context.
Wrap up in rap may mean to finish things quickly because time is running out:
“Wrap up, bro! You only got 5 minutes left for your opening before Scott plays.”
Wrapped up may also mean getting heavily involved or obsessed with something bad or not good.
“I got wrapped up with some bad gangs that had drugs and stuff.”
“Wrap up” may also be used as an expression when someone says something unfunny.
“Wrap up! We want to see Dave Chapelle perform!”