Former Wolves midfielder Mark Davies netted a last-minute equaliser against his old club to earn a draw for Championship strugglers Bolton.
Davies was booed throughout by the home fans and responded by preventing Wolves climbing up to third with a win.
Bolton, who are shortly expected to name Dougie Freedman as their new manager, led through Benik Afobe's opener.
But Wolves striker Kevin Doyle swung the match in the home side's favour before half-time with a quick brace.
Freedman's move to Bolton is likely to be confirmed later this week after Crystal Palace announced he had left Selhurst Park and agreed a move to the Reebok Stadium.
And he will have watched with delight as Davies superbly volleyed in a deserved leveller from 12 yards.
Bolton started brightly and deserved their early lead through Afobe, who was allowed time and space to poke in following a Martin Petrov corner.
But they were stunned by two goals from Republic of Ireland striker Doyle in the space of 90 seconds.
Bolton managed to clear after Roger Johnson's thumping header hit the bar but Bakary Sako fed Doyle who coolly slid in the equaliser.
And as the home fans continued to celebrate, Doyle nodded into an unguarded net when Adam Bogdan could only parry Sako's free-kick.
After half-time, Bolton upped the tempo and Wolves goalkeeper Carl Ikeme produced a string of magnificent saves. But he was left helpless as Davies plucked the ball out of the air before steadying himself to fire home.
Wolves boss Stale Solbakken: "I think 2-2 was probably the right result. When you count possession and chances, we were by far the best team in the first half.
"We deserved the lead at half-time but after the interval we lost the ball a lot. When we should have gone forwards we passed backwards and when we should have gone back we passed it to no-one. We never really got into it in the second half.
"I think it was one of the best games I have seen in the Championship for quality this season."
Bolton caretaker boss Jimmy Phillips: "The players have really responded to our training and the framework we have put in place has given them the confidence to get something if they go go behind.
"That has been evident against Wolves and I was very pleased for the players.
"It was unsettling for them with the news that came out [of the approach for Dougie Freedman] and myself, Sammy Lee and Julian Darby, all being professional people, decided we would get the best out of the players and they responded very well to the challenge.
"As far we are aware the future is there are still negotiations to be concluded between Bolton and Crystal Palace. Myself, Sammy and Julian will be preparing the team and then taking the team at Middlesbrough. Obviously things could change."
Live Text Commentary
Full Time The final whistle goes and the game is over.90:00 +3:20
David Ngog takes a shot. Tongo Doumbia gets a block in.90:00 +1:11
Roger Johnson fouled by Mark Davies, the ref awards a free kick. Free kick taken by Carl Ikeme.89:31 Goal scored
Goal! - Mark Davies - Wolves 2 - 2 Bolton Goal scored by Mark Davies from just inside the area to the top right corner of the goal. Wolverhampton 2-2 Bolton.86:47
Carl Ikeme takes the direct free kick.86:47 Substitution
Substitution Stephen Warnock leaves the field to be replaced by Keith Andrews.86:47
Jay Spearing takes a shot. Carl Ikeme makes a save. Roger Johnson fouled by David Ngog, the ref awards a free kick.82:14
Christophe Berra concedes a free kick for a foul on David Ngog. Chris Eagles has an effort direct from the free kick. Inswinging corner taken left-footed by Martin Petrov from the right by-line, clearance by Bakary Sako.80:42
Carl Ikeme restarts play with the free kick.80:42 Substitution
Substitution Richard Stearman on for Kevin Doyle.80:42
The referee blows for offside.78:40
Chris Eagles has a volleyed shot. Carl Ikeme makes a save. Close range effort by David Ngog misses to the left of the target.77:37
Bakary Sako takes a shot. Mark Davies gets a block in. Bjorn Sigurdarson has an effort at goal from close in which goes wide left of the target.77:08
Martin Petrov takes a shot. Save made by Carl Ikeme.76:01
Kevin Davies fouled by Tongo Doumbia, the ref awards a free kick. Direct free kick taken by Chris Eagles.73:50
The referee blows for offside against David Ngog. Carl Ikeme restarts play with the free kick.73:06
Free kick awarded for an unfair challenge on David Ngog by Bakary Sako. David Ngog takes the free kick.72:49
Free kick awarded for an unfair challenge on Tyrone Mears by Bakary Sako. Tyrone Mears restarts play with the free kick.71:35
Chris Eagles takes the free kick.71:35 Substitution
Substitution (Bolton) makes a substitution, with Samuel Ricketts coming on for Matt Mills.
Free kick awarded for a foul by Stephen Ward on Chris Eagles.67:49
Stephen Ward takes a shot. Save by Adam Bogdan.65:38 Substitution
Substitution David Edwards is brought on as a substitute for Jermaine Pennant.65:38
Martin Petrov takes the outswinging corner, Headed effort from deep inside the area by David Ngog misses to the left of the goal.64:21
Stephen Ward produces a left-footed shot from just outside the box that misses to the right of the net.63:45
Outswinging corner taken by Jermaine Pennant from the right by-line, clearance made by Matt Mills.61:50 Substitution
Substitution (Wolverhampton) makes a substitution, with Bjorn Sigurdarson coming on for Sylvan Ebanks-Blake.60:27
The assistant referee flags for offside against Sylvan Ebanks-Blake. Indirect free kick taken by Tim Ream.59:10
Chris Eagles takes a shot. Carl Ikeme makes a save. Martin Petrov takes a outswinging corner to the near post, clearance by Jermaine Pennant.57:56
Kevin Foley challenges Stephen Warnock unfairly and gives away a free kick. Jay Spearing restarts play with the free kick.55:28
Kevin Davies challenges Roger Johnson unfairly and gives away a free kick. Direct free kick taken by Kevin Foley.51:40
Martin Petrov takes a shot. Carl Ikeme makes a save.50:40
Effort from deep inside the area by Martin Petrov misses to the left of the goal.49:53
Matt Mills challenges Kevin Doyle unfairly and gives away a free kick. Direct free kick taken by Jermaine Pennant.47:18
Jermaine Pennant takes the inswinging corner, Roger Johnson has a headed effort at goal from close range which goes wide of the left-hand post.45:01
The second half has started.45:01 Substitution
Substitution David Ngog replaces Benik Afobe.45:00 +1:11 Half time
Half Time The players leave the pitch at half time.43:18
Free kick awarded for a foul by Jermaine Pennant on Tyrone Mears. Martin Petrov takes the free kick.41:51
Kevin Davies fouled by Roger Johnson, the ref awards a free kick. Stephen Warnock restarts play with the free kick.39:15
Jermaine Pennant challenges Chris Eagles unfairly and gives away a free kick. Martin Petrov shoots direct from the free kick, save by Carl Ikeme.38:19
Unfair challenge on Stephen Ward by Jay Spearing results in a free kick. Jermaine Pennant takes the direct free kick.36:10
Corner taken by Jermaine Pennant, Christophe Berra has an effort at goal from close in which goes wide right of the goal.34:07
Sylvan Ebanks-Blake is ruled offside. Free kick taken by Matt Mills.32:59
Chris Eagles takes a shot. Roger Johnson gets a block in. Inswinging corner taken by Martin Petrov from the right by-line, save made by Carl Ikeme.30:37
Chris Eagles takes a inswinging corner.29:13
The assist for the goal came from Bakary Sako.29:13 Goal scored
Goal! - Kevin Doyle - Wolves 2 - 1 Bolton Kevin Doyle grabs a headed goal from inside the six-yard box. Wolverhampton 2-1 Bolton.28:12
Jermaine Pennant fouled by Martin Petrov, the ref awards a free kick. Bakary Sako has an effort direct from the free kick, save by Adam Bogdan.26:22
Assist on the goal came from Bakary Sako.26:22 Goal scored
Goal! - Kevin Doyle - Wolves 1 - 1 Bolton Kevin Doyle scores a goal from close in to the bottom right corner of the goal. Wolverhampton 1-1 Bolton.23:06
Corner from the right by-line taken by Jermaine Pennant, Headed effort from close range by Roger Johnson goes wide left of the goal.20:28
Martin Petrov provided the assist for the goal.20:28 Goal scored
Goal! - Benik Afobe - Wolves 0 - 1 Bolton Goal scored by Benik Afobe from close in to the bottom right corner of the goal. Wolverhampton 0-1 Bolton.19:44
Chris Eagles takes a shot. Christophe Berra gets a block in. Inswinging corner taken from the right by-line by Martin Petrov,19:08
Chris Eagles has an effort at goal from just outside the box which goes wide of the right-hand upright.17:45
Unfair challenge on Chris Eagles by Karl Henry results in a free kick. Free kick taken by Chris Eagles.11:46
Stephen Warnock challenges Jermaine Pennant unfairly and gives away a free kick. Kevin Foley takes the direct free kick.11:20
Karl Henry takes a shot. Adam Bogdan makes a save.9:17
Bakary Sako takes a shot. Tyrone Mears gets a block in.8:16
Shot from outside the box by Martin Petrov misses to the left of the target.4:56
Sylvan Ebanks-Blake fouled by Matt Mills, the ref awards a free kick. Karl Henry takes the direct free kick.3:38
Tongo Doumbia produces a right-footed shot from outside the penalty box and misses right.2:12
Kevin Doyle is ruled offside. Stephen Warnock takes the free kick.1:50
Free kick awarded for an unfair challenge on Jermaine Pennant by Mark Davies. Tongo Doumbia restarts play with the free kick.0:00
The referee gets the game started.
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