Microsoft Word 2013 supports this arrangement via text boxes that anchor to a specific place on the page. The document's main text then wraps around the text box according to your preferences.

How to Select the Picture Behind Text in Word 2007. Word 2007 includes many powerful tools for creating unique documents using much more than simple text customization.

Sometimes alignment tabs aren’t enough if the aligned text stretches to the other margin. When this is possible, use a table to control wrapping.