Here's a solution using tabularx
\documentclass{article}
\usepackage[margin=1in]{geometry}
\usepackage{lipsum}
\newcounter{itemcounter}
\newcommand{\myitem}{\stepcounter{itemcounter}\alph{itemcounter}.}
\usepackage{tabularx}
\pagestyle{empty}
\newcommand{\nvalue}[1]{\langle{#1}\rangle}
\begin{document}
\begin{tabularx}{\linewidth}{cl>{\em}X}
\myitem & $P(x):$ & add $1$ to the number in register $n$, \emph{i.e.} $\nvalue{n\prime} = \nvalue{n} +1$. \\
\myitem & $D(n):$ & subtract $1$ from the number in register $n$, \emph{i.e.} $\nvalue{n\prime} = \nvalue{n} -1$. $(\nvalue{n} \not= 0)$. \\
\myitem & $O(n):$ & ``clear'' register $n$, \emph{i.e.} lace $0$ in it, \emph{i.e.} $\nvalue{n\prime} =0$.
\end{tabularx}
\end{document}
tabularx allows you to specify the width of the table and gives you an X column which will format as a paragraph column whose width is the remainder of the designated space after building the other columns.

Of course, if you are going to have multiple such tables you may want to reset the counter (manually) or you can create a new environment.
Turns out making an environment using tabularx is not as straight-forward as one would think. Since this gave me a few headaches trying to figure out, I'll show you how (just in case you want to make an enviornment). The details of why it has to be done this way can be found at http://tex.stackexchange.com/a/25778/22413
Here's how to define the environment:
\newenvironment{mytablex}{\setcounter{itemcounter}{0}\tabularx{\linewidth}{clX}}
{\endtabularx}
Though the spacing will be a bit tight with this version.
Assuming the table will always stand alone and you want to think of it as it's
own paragraph, you could add some vertical spacing to it (I've also put in a \noindent).
\newenvironment{mytablex}{\setcounter{itemcounter}{0}%
\par\vspace{2ex}%
\noindent\tabularx{\linewidth}{clX}}
{\endtabularx\par\vspace{2ex}}
Here's a new MWE:
\documentclass{article}
\usepackage[margin=1in]{geometry}
\usepackage{lipsum}
\newcounter{itemcounter}
\newcommand{\myitem}{\stepcounter{itemcounter}\alph{itemcounter}.}
\usepackage{tabularx}
\pagestyle{empty}
\newcommand{\nvalue}[1]{\langle{#1}\rangle}
\newenvironment{mytablex}{\setcounter{itemcounter}{0}%
\par\vspace{2ex}%
\noindent\tabularx{\linewidth}{clX}}
{\endtabularx\par\vspace{2ex}}
\begin{document}
\begin{tabularx}{\linewidth}{cl>{\em}X}
\myitem & $P(x):$ & add $1$ to the number in register $n$, \emph{i.e.} $\nvalue{n\prime} = \nvalue{n} +1$. \\
\myitem & $D(n):$ & subtract $1$ from the number in register $n$, \emph{i.e.} $\nvalue{n\prime} = \nvalue{n} -1$. $(\nvalue{n} \not= 0)$. \\
\myitem & $O(n):$ & ``clear'' register $n$, \emph{i.e.} lace $0$ in it, \emph{i.e.} $\nvalue{n\prime} =0$.
\end{tabularx}
Here's with the new environment.
\lipsum[1]
\begin{mytablex}
\myitem & $P(x):$ & add $1$ to the number in register $n$, \emph{i.e.} $\nvalue{n\prime} = \nvalue{n} +1$. \\
\myitem & $D(n):$ & subtract $1$ from the number in register $n$, \emph{i.e.} $\nvalue{n\prime} = \nvalue{n} -1$. $(\nvalue{n} \not= 0)$. \\
\myitem & $O(n):$ & ``clear'' register $n$, \emph{i.e.} lace $0$ in it, \emph{i.e.} $\nvalue{n\prime} =0$.
\end{mytablex}
\lipsum[2]
\end{document}
And here are the results:

align*or simplytabular– Rico Feb 17 at 14:59