How to automatically group/wrap n elements with a div?

How to automatically group/wrap n elements with a div?

I've got a list of paragraphs like so:

  1. <p>...</p>
  2. <p>...</p>
  3. <p>...</p>
  4. <p>...</p>
  5. <p>...</p>
  6. <p>...</p>
  7. <p>...</p>

I want to get jQuery to group 3 paragraphs with a div like this:
  1. <div>
  2.   <p>...</p> 
  3.   <p>...</p>
  4.   <p>...</p>
  5. </div>
  6. <div>
  7.   <p>...</p>
  8.   <p>...</p>
  9.   <p>...</p>
  10. </div>
  11. <div>
  12.   <p>...</p>
  13. </div>
The last div will simply contain the remainder number of paragraphs. Appreciate your help, thanks!