I saw on a website some where that to fix the text wrapping around a div floated to the left (e.g. when the text drops further down the page than the height of the floated div) you can set a left margin. But this creates a weird overlapping effect; see my attached index.html file…
Yeah, that’s because the #wrapper p {margin-left: 320px} is applying to it too!
So, a bit of reworking needed. Personally, I would wrap that right <p> in a div with a class, since if you have more <p>s there you may be in trouble. Anyway, give that right <p> a class (or better, its container) and target the styles just to the <p>s on the right.
Generally speaking, if you want more space between text and a float then you would increase the margin of the float. It looks like you already have a 20px right margin on the float, if you wanted more space between it and the text you could have increased the floats right margin.