Can a taxonomy term be loaded into an EntityMetadataWrapper? I want to load term fields in my application. Can I use  entity metadata wrapper with reference to terms?
Yes. Like so:

$term_w = entity_metadata_wrapper('taxonomy_term', taxonomy_term_load(TERM_ID));


The first parameter is the entity type ID. If you visit MODULE_NAME_entity_info(), you can see the key of the definition will match the ID you need to load it.