Wraps are less a weapon and more an addendum to the wearer’s unarmed strikes to help keep the joints from shifting or bending during an attack. While wearing wraps, the wearer deals unarmed damage as normal, but may benefit from any masterwork or enhancement bonuses the wraps possess. Wraps take 1 minute to don properly. While wearing wraps, the wearer may not hold an item in his hands or wear gloves, and takes a -20 penalty to any skill check requiring fine control of his hands.
Well... the chart won't format properly in a post, so the general crunchy here is that wraps are simple weapons, have no base cost, deal no damage on their own (use the wearer's base unarmed damage) and weigh 1 pound. They're also usable as special monk weapons.