Michael Kightly made Norwich pay for a host of missed first-half chances as his poacher's goal grabbed all three points for nine-man Wolves.
The visitors could have been two or three down by half-time had it not been for several fine saves from Matt Murray and some wayward Norwich finishing, but Kightly pounced to punish the Canaries with a goal eight minutes after the break.
Gary Breen saw red two minutes later for a professional foul and Jackie McNamara joined him a minute from time after picking up a second yellow, but Wolves hung on.
McNamara could have gone as early as the fourth minute for a foul on the dangerous Darren Huckerby, but he escaped with a booking.
Huckerby brushed past Mark Little and the former Celtic man body-checked him as he bore down on goal, but referee Chris Foy adjudged the offence worthy only of a yellow.
After 13 minutes, debutant Andy Keogh fouled Huckerby on the edge of the Wolves box and Youssef Safri's free-kick presented Dickson Etuhu with a good chance, but he headed well wide.
Wolves were living dangerously and Murray was called upon to make two sharp saves - firstly denying Carl Robinson low down after Adam Drury's corner, then producing an excellent one-handed stop to keep out Huckerby when the former Leeds man diverted Jurgen Colin's cross goalwards.
On the half-hour, Croft missed a golden opportunity after Huckerby's shot deflected off Gary Breen, before Peter Thorne headed Drury's cross over the bar.
Five minutes before the break, Murray made another fine stop, keeping out Etuhu's effort after a dangerous cross from Huckerby.
In stoppage-time, Kightly wasted Wolves' best chance of the half, mis-hitting straight at David Marshall, but it was Norwich who were left wondering how it remained goalless when the half-time whistle blew.
Wolves started the second half more positively, with Keogh and Kightly causing the Norwich defence problems, and within minutes they had an unlikely lead.
It was Kightly who grabbed the goal, finishing from close range after Karl Henry's shot rebounded off the post.
But Norwich were given a lift when Wolves were reduced to 10 men moments later.
Huckerby was running clear when Breen brought him down to earn a red card, though it looked as if Murray would have got to the ball before the Canaries forward.
Around the hour mark, Wolves were convinced they should have been awarded a penalty.
Marshall failed to deal with Gary Doherty's backpass, chesting into the path of Keogh, before seeming to bring down the debutant as he shaped to finish.
Foy, however, waved play on, much to the frustration of Wolves boss Mick McCarthy.
With 10 minutes to go, Rob Edwards made a vital interception after Huckerby's rampaging run, but Norwich could not produce the same threat they posed in the first period.
In the final minute, McNamara picked up the red card he could have had in the first half when he was shown a second yellow for a foul on Lee Croft.
But Norwich could not take advantage and were left to curse their first-half profligacy.
Teams:
Norwich Marshall, Colin, Shackell (Hughes 46), Doherty, Drury,Robinson, Safri, Euhu, Croft, Thorne, Huckerby,Hughes (Martin 77).
Subs Not Used: Gallacher, McVeigh, Jarvis.
Booked: Drury.
Wolverhampton Murray, Little, Neill Collins, Breen, McNamara,Kightly, Olofinjana, Henry, Potter (Ward 74),McIndoe (Edwards 57), Keogh (Bothroyd 82).
Subs Not Used: Budtz, Mark Davies.
Sent Off: Breen (55), McNamara (90).
Booked: McNamara, Potter.
Goals: Kightly 53.
Att: 23,311
Ref: N Miller (Co Durham).