I have asbestos wrapped pipes in my basement. I don't want to have it removed. Too much money and it creates a more dangerous situation.

I've seen it done with Tinfoil....... another option could be using Strechwrap (the stuff they wrap pallets with) Be sure to wear an approved mask while doing it!!

the right stuff to use is wet-wrap it comes in a roll of white cloth like material ,you cut it to the desired size and wet then apply it over the pipes or boiler,when it dries it hardens much like a cast on a broken bone,its the only approved method of encapsulation in New Hampshire where i live but you can check with your state agency,you will need a respirator and you should wash down your basement and vacuum up the water when you are done,you dont want the kids going down there and kicking up the dust from your work or from dust released over the years,you can buy wet-wrap at any insulation supply company

use heat rated duct tape, they sell it at home depot, lowes...