There has been some confusion on rotating textures in wrapping mode. While some of the time, the need has just been to flip text that was backwards (which can be accomplished with a negative X and/or Y scaling), the renderers are capable of doing other rotational angles. (Renderman can do multiples of +/- 90 degrees, while Ray Tracer and Phong can do arbitrary angles).
The secret is that you must use the Z axis. X and Y orientation do not mean anything for wrapping mode, and unfortunately even the Z setting does not change the guide windows.
For now, a little expirementation should give you the idea of how this can be used.