If you have Web Essentials installed, you can use Shift+Alt+W to surround a selection with a tag.
The poor person's "surround with", when you don't have web essentials.
- Select your text
- Press Ctrl-X to cut it to clipboard
- Type your tag, which Visual Studio will automatically close with your cursor remaining in the middle of the start and end tag
- Press Ctrl-V to re-insert your text between the tags