Here is my progress so far. Here is the free pattern from the Vogue Knitting Site. It is labeled as "ruffles shawl 15", but it is the same pattern as "Wavy Lace" from the magazine.
I am using Panache from Knitpicks in Dusk. You can see it here
You start the main part of the wrap first. Then when you are done, you do the edge lace pattern on each end.
Below is the finished piece being modeled by my good sport of a son who made me promise not to put his face in the pic!