The word wrap field type is empty. Selecting a type and saving doesn't work. The next time the options dialog is presented the field will be empty again.
Setting HKEY_CURRENT_USER\Software\ToolsCenter\TeXnicCenterNT\Settings\Editor EditorWordWrap explicitly to 2 doesn't work either. When TXC is started the value gets reset to 1.
This is on a windows 7 64 bit system.