To prevent Text Wrap in OSX Terminal?
This function doesn't exists in Terminal. It doesn't exist within xterm either. It might be really usefull to read log files with very long lines or output of commands as tcpdump. The wrapping render them unreadable.

I suggest you to fill a feedback about this function on:
MacOS X feedback

To make it a winning improvment proposal I suggest you to ask for an horizontal scrollbar so as to be able to display the text which is beyond the right border.