You should specify the other column as float left. The way that you have it right now the text on the left is going to wrap the floated text on the right. It would also be wise to specify the size of the floated object on the left too.
<html>
<div style="width:400px">
<div style="width:150px;float:right;border:thin black solid">
Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam.</div>
Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat.
<div style="background-color:red; width: 250px; border:thin black solid">Some sample text
Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. Duis autem vel eum iriure dolor in hendrerit in vulputate velit esse molestie consequat, vel illum dolore eu feugiat nulla facilisis at vero eros et accumsan et iusto odio dignissim qui blandit praesent luptatum zzril delenit augue duis dolore te feugait nulla facilisi.
</div></div>
</html>
Also, consider using CSS it will make this code much easier to maintain long-term<<
EDIT: I thought you wanted everything to be floated to the left I think I misunderstood your question. What you are trying to do is not possible. The best thing you could do is either specify the margin of the object floated to the right to be equal to 400-150 (250px), or specify the width of the "some text" object to be equal to (250px).