Automatic Line Break at X number of characters

How do I make a string automatically add a line break at X number
characters for example:
the following string:

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Would be:

Lorem Ipsum is simply dummy text of the printing a
nd typesetting industry. Lorem Ipsum has been the
industry's standard dummy text ever since the 1500
s, when an unknown printer took a galley of type a
nd scrambled it to make a type specimen book. It h
as survived not only five centuries, but also the
leap into electronic typesetting, remaining essent
ially unchanged. It was popularised in the 1960s w
ith the release of Letraset sheets containing Lore
m Ipsum passages, and more recently with desktop p
ublishing software like Aldus PageMaker including
versions of Lorem Ipsum.

It tried a loop with an insert function but couldn't get past the first pass.

Thanks for any Mike

Marvin, although I like option 3 because it breaks up the words, it sometimes goes past the 51 mark... I am going to make a function out of # 2. Thanks a ton!