Wrap is a phrase used by the director in the early days of the film industry to signal the end of filming. Nowadays, the call is more commonly "that's a wrap!" Films have used this since the 1920's when the filming was done and it just needed to go into post production.
After principal photography is concluded, it is traditional to hold a wrap party, a party organized for the cast and crew of a film to celebrate the end of principal photography. This marks the end of the actors' collaboration (save from possible dubbing or pick-ups) on the film. They may be called in to promote the film when it is released.
After principal photography has ended, the film goes into post-production.
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