Generally speaking, I think it is difficult to do this in LaTeX. There is a shapepar package, which can dig a hole in the text and put something in the hole. But it's not easy to customize the shape of the hole to fit specific symbol.
An example of predefined circle hole:
\documentclass{article}
\usepackage{shapepar}
\begin{document}
\cutout{r}(-4em,5\baselineskip)\shapepar{\circleshape}
cut cut cut cut cut cut cut cut cut cut cut cut cut cut cut cut
cut cut cut cut cut cut cut cut cut cut cut cut\par
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
text text text text text text text text text text text text text
\end{document}
This kind of work is easier in ConTeXt, with help of MetaFun. You may refer:
http://mirror.contextgarden.net/general/manuals/metafun-s.pdf
If you just want a rectangle hole, you can use (old) picinpar, (newer) picins and wrapfig for this.
For more simpler situations, lettrine package is enough. Also there are \hangindent, \hangafter commands to get a paragraph of special shape.