If you still need some glue I seen that G5 Blu Glu is the best when tested.
Wraps are good for the reason mentioned but is stops there wraps do not hold fletching to the arrow as well as a properly preped and glued fletch to shaft would. Also when one fletch gets wrecked you are forced to refletch the whole arrow to apply a new wrap.
You Yube is a great source for DIY bow work just make sure to watch more than one video and read the comments some guys on there don't know squat either.
Here is a glue test that also covers prep.
http://www.youtube.com/watch?v=tSg7kG05bsA