Wolves 2 (Craddock 44, Olofinjana 52)
West Bromwich Albion (Phillips 25, 54, Kamara 73)
West Bromwich take a slender one goal lead into the second-leg of the play-off semi-final after a five goal thriller in the rain at Molineux.
Baggies keeper Dean Kiely was in peak form against a Wolves team that deserved a better reward for their efforts.
Mick McCarthy made just one change to the team that had won so well at Leicester the previous week, with Wayne Hennessey making his first-team debut in place of shoulder injury victim Matt Murray.
Albion kicked-off attacking the North Bank end but Wolves soon pushed forward and Jay Bothroyd was penalised for a shove as he tried to reach a long throw from Neill Collins in the visitors' area.
After Dean Kiely had easily dealt with Andy Keogh's header following Michael McIndoe's cross, the keeper then made an excellent stop to deny Michael Kightly who had got a foot to Keogh's through ball.
Paul McShane was spoken to by the referee after a heavy challenge on McIndoe and when the first corner of the game went Albion's way, in the tenth minute, Jason Koumas' kick curled out of play on the far side of goal.
Seconds later, Wolves won a corner and Seyi Olofinjana's header was cleared off the line by Robert Koren following McIndoe's flag kick.
Collins was a matter of inches away from opening the scoring after 15 minutes - his header from McIndoe's free-kick beating Kiely but flying wide of the far post.
It took a fine tackle from McShane to stop Kightly from capitalising on Bothroyd's neat flick, and then Keogh's centre was just too high for Kightly.
Against the run of play, Albion moved into a 25th minute lead. Gary Breen's attempted clearance from Koren's low cross fell to Kevin Phillips who lashed a shot into the roof of the net from the edge of the area.
Almost immediately West Bromwich made a change with Darren Carter replacing the injured Richard Chaplow.
Kiely did it again in the 32nd minute with a one handed save from Kightly who had chased down Olofinjana's through ball.
Kightly was in the thick of things and he wasn't far away with a shot on the turn from the corner of the box before Bothroyd headed over after a cross 
from McIndoe.
Kightly and Keogh combined to set up a chance for Bothroyd who was too high with a scissors kick.
Great work by Kightly on the left saw the winger beating McShane before pulling the ball back to Keogh who fired over. Sam Sodje was then yellow carded for a foul on Bothroyd.
A minute before the break Wolves deservedly drew level. A Bothroyd free-kick bounced off the wall to McIndoe whose miscued shot swerved well wide and looked to be going behind.
But Keogh chased after the ball and just kept it in before crossing for Jody Craddock to head in the equaliser.
In stoppage time, Paul Robinson headed narrowly wide from a Koumas centre.
Half-Time: Wolves 1 Albion 1
Shortly after the resumption, Diomansy Kamara used his pace to beat two defenders in the home area before he wasted the opportunity by firing wide from close range.
In the 52nd minute, Wolves took the lead when Olofinjana notched his tenth goal of the season. Collins nodded down a Jackie McNamara cross and Craddock got a touch before the Nigerian midfielder charged in to force the ball home.
But the joy of the home support lasted for just two minutes with Phillips scoring with a powerful header from Carter's corner.
Chris Perry just did enough to thwart Olofinjana and allow Kiely to collect, and then McShane went into the book for dissent.
Zolton Gera replaced Koren and Nathan Ellington with Phillips before Albion went 3-2 up in the 73rd minute when Kamara broke free on the left and beat the unprotected Hennessey.
Fifteen minutes from the end, the vast majority of the crowd were about to celebrate a goal when McIndoe tapped a free-kick to Bothroyd who blasted a 20-yard shot that was heading for the far corner of the net only for the ball to swerve wide at the last minute.
Shortly afterwards Bothroyd was replaced by Stephen Ward and McNamara by Mark Little.
In the closing minutes the Baggies spurned two good chances with Kamara shooting into the side netting from a good position and Ellington heading wide from close in after a Carter free-kick taken from the side of the area.
During the three minutes of added time, Kiely rescued Albion once more with a full length dive to turn away Kightly's low shot with Perry turning the loose ball behind for a corner.
Wolves: Hennessey, Collins, McNamara (Little 78), Potter, Craddock (capt), Breen, Kightly, Olofinjana, Bothroyd (Ward 78), Keogh, McIndoe.
Unused subs: Oakes, M. Davies, Gleeson.
Albion: Kiely, Robinson (capt), Perry, Greening, Chaplow (Carter 26), Kamara, Koren (Gera 65), Koumas, McShane, Phillips (Ellington 69), Sodje.
Unused subs: Albrectsen, Daniels.
Bookings: Sodje (42 - foul), McShane (64 - dissent).
Referee: S. Tanner.
Attendance: 27,750.
Goldrush Lucky4 Half-Time draw v West Bromwich Albion: 1 - 6 - 9 - 10.
