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."