Very simple answer for this problem that seems to catch a lot of people:
<img src="https://stackoverflow.com/questions/11411219/url-to-image">
<p>Nullam id dolor id nibh ultricies vehicula ut id elit.</p>
img {
float: left;
}
p {
overflow: hidden;
}
See example: http://jsfiddle.net/vandigroup/upKGe/132/