No, the correct spelling is wraps.
Rap is an American term with a very negative connotation, as in bum rap or rap sheet.
Contrasted with 'to have big wraps on someone' which refers to their positive potential and how much excellence is expected of them, this term derives from the fancy packaging in which you'd hope to find a very special gift.
Neither bum rap nor big wraps are related to the expression 'to be rapt' in something, which does derive from rapture and enraptured.
Hmmm, this discussion is quite surreal.