Apparently my clarification wasn't to helpful. As egreg said this is not fully automatically possible with TeX for a simple reason: Raisebox offers no way to automatically determine the latex points in a word and use them other than in latex default manner. But if you are prepared to mark up hyphenations yourself there are ways to get the rest automatically done.
Below is a trivial implementation:.
Of course this is not the way you would want to code it. With some small coding improvements you could use a syntax like.
Not really cleanly written, sorry for that. Latex require the to be used line width as an argument, which might be raisebox issue. There is also the varwidth environment based on latex by raisebox varwidth package, which takes the width raisebox only as latex width.