We all know how images can be inserted into a Word document with text wrapping around it on all sides. On web pages, we call this right or left alignment. I'm wondering if the same can be done for text (i.e. treated as an object unto itself).

The reason I ask this is because I'm writing a manuscript and the standard is to insert text like [figure 1 goes here] where an actual graphical image for figure 1 would be inserted in the final print. This saves on file size.

Some of my images are on their own lines while others are nested right into the paragraph itself (right/left aligned). What can I do to get Word to treat a piece of text like [image123.jpg goes here] as though it were an actual image (or some kind of object) and therefore alignable to the right or left within the paragraph?