Here's a simple substitution that inserts a newline every 80 characters, or at the end of the previous word. ('word' here is a sequence of non-whitespace characters, since that's usually what you want for wrapping.)
s/\G(.{1,80})(?<=\S)\s+/$1\n/gm;
I don't think the look-behind assertion and anchor are necessary (the anchor actually causes it to terminate early on certain boundary cases with newlines):