How can I change the text (not the label) for each item in an itemize environment using wrappers?

I get the impression that what you're really trying to achieve by placing the arguments of \item directives in a \parbox is to re-enable hyphenation. If this impression is correct, i.e., if the main objective is hyphenation-related, there's a far simpler solution: Load the ragged2e package and issue the directive \RaggedRight immediately after \begin{itemize} (or \begin{enumerate}).

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\begin{itemize} \RaggedRight
\item Speicherverwaltungsadressen