As it sounds: is “wrapable” correct, or is “wrappable” correct? Or are neither correct?
Microsoft Word complains about both, but Google doesn’t correct either one.
Wrappable. (Google Ngrams data.)
A more common example, closely analogous to wrappable, is slappable.
Generally, when a short vowel (like the a of wrap) occurs in the last syllable of a verb, the consonant following it gets doubled in conjugated forms: thus wrap -> wrapping, wrapped, and so on; similarly, fit -> fitting, fitted, …
Conjugated forms with single consonants usually come from verbs ending with a long vowel and silent e. So rapping comes from rap, but raping comes from rape; bidding comes from bid, but biding from bide.