Is it possible to sync my iPad 2 with my iTunes library stored on my pc wirelessly? I want to be able to wirelessly sync my iPad with iTunes how I do this?
Yes it is,

you have to connect your iPad to your PC once.
Select your device in iTunes and check the flag "sync with this iPad over Wi-Fi" under the tab "Summary".
Click "apply".

Now you can sync your device without connect it to iTunes trough the cable. You can do it both from iTunes and from the iPad.

If you want to launch the sync from your iPad go to "Settings -> General -> iTunes Wi-Fi Sync"