The changepage package provides this function. The simplest way is to use the adjustwidth environment. You have to specify an amount by which to increase the size of the margins, which you can calculate based on the textwidth, your default margins, and the desired textwidth of the new narrow block.
One problem is defining that narrower textwidth based on characters: as you can see in the test section of the example below, 34 em is actually wider than your default textwidth. 34 ex is too narrow. So in the example I used \settowidth and just typed thirty-four characters. A non-hard-coded solution would be better.
A second problem is that most of the typewriter fonts do not allow justification (see What to do with both "underfull \hbox" and "overfull \hbox" in the same line?). With a narrow text block, many lines spill over the edge.
This is not a problem with a proportional font, which I used for one of the images below (by commenting out the second line of code).
\documentclass[12pt,letterpaper]{article}
\renewcommand*\familydefault{\ttdefault}
\newlength{\Lmargin}
\newlength{\Rmargin}
\newlength{\NarrowBlock}
\newlength{\NarrowMargin}
\setlength{\Lmargin}{1.7in}
\setlength{\Rmargin}{1.3in}
\settowidth{\NarrowBlock}{123456789012345678901234567890123}
\usepackage[left=\Lmargin, right=\Rmargin, top=0.5in, bottom=1in]{geometry}
\setlength{\NarrowMargin}{\textwidth}
\addtolength{\NarrowMargin}{-\NarrowBlock}
\addtolength{\NarrowMargin}{-0.5\NarrowMargin}
\newlength{\Test}
\usepackage{lipsum}
\usepackage[strict]{changepage}
\begin{document}
\section{Lengths}
Textwidth: \the\textwidth; Lmargin: \the\Lmargin; Rmargin: \the\Rmargin
NarrowBlock: \the\NarrowBlock; NarrowMargin \the\NarrowMargin
Test at 34em \setlength{\Test}{34em} \the\Test;
Test at 34ex \setlength{\Test}{34ex} \the\Test
\section{Trial}
\lipsum[1]
\begin{adjustwidth}{\NarrowMargin}{\NarrowMargin}
1234567890123456789012345678901234
\lipsum[2]
\end{adjustwidth}
\lipsum[3]
\end{document}

(FYI - I used a LaTeX default font command so these could be tested on any engine.)
minipageorparboxplaced at an appropriate place can do what you want. – Johannes_B Oct 21 '14 at 06:05\newcommand{\di}[1]{\parbox[t]{34ex}{#1}}. Adjust 34ex` appropriately. – Oct 21 '14 at 06:19emvalues. – Manofzelego Oct 21 '14 at 06:26\newcommand{\di}[1]{\parbox[t]{34ex}{#1}}? – Manofzelego Oct 21 '14 at 07:06\raggedright:\newcommand{\di}[1]{\parbox[t]{34ex}{\raggedright #1}}– Oct 21 '14 at 07:09