To do the autowrap, you should really consider keeping the IF test on which cell/columns was just changed. It could get out of hand very quickly. However, it's your call in the end!
If ActiveSheet.Name = "Sheet1" Then 'Only adjust if they are on Sheet1.
If Target.Row = 2 And Target.Column = 2 Then 'Only adjust if cell B2 has been changed.
Target.WrapText = True
The key to figuring these things out is to record a macro, then perform the task, then stop recording, and look at the code generated. That's all I did to figure out the syntax for these examples.