I use DEI, you can get it from Summit, or Jegs, or Speedway, but Oriellys and Vatozone also carry it.
For securing. They make these cool Metal Zip ties. I've used them in tight spots but prefer hose clamps.
To start the wrap is easy, just do it how you'd tape anything. The finish is what sucks. I do a folded corner and tuck it like you would a US flag when you are done folding it.
It will hold up to the water. Now you may have to re-do it at some point, but I bet its a ways into the future. Its very durable. When it gets wet, it just steams off, when it gets oil on it, it smokes off.
One thing I'd suggest, wear long sleeves, and rubber gloves when wrapping it, you get all that metalic dust off of it, and it sucks.
