Goals from Sylvan Ebanks-Blake and Dave Edwards gave Wolves victory at Ipswich.
Ebanks-Blake headed home Matt Jarvis's cross to open the scoring but Town came back well and Kevin Lisbie and Jonathan Walters both came close to equalising.
Danny Haynes also fired over for Ipswich but their hopes of a fightback ended when Alex Bruce was sent off for a two-footed challenge on David Jones.
Edwards made it 2-0 after Richard Wright had parried Jarvis's shot, while Jarvis also hit the post late on.
Ipswich Town boss Jim Magilton:
"It was embarrassing at times. Wolves played with pace, dictated the tempo and we were well beaten.
"They capitalised on our sloppiness. We kept giving them possession and you just can't afford to do that.
"We didn't show any work ethic or show a willingness to do the fundamental things. Maybe one or two of the lads have outlived their days here."
Wolves manager Mick McCarthy: Our keeper hardly had a save to make, they didn't have many chances. It was important to keep a clean sheet.
"It was a good team effort but I was especially pleased with the back four. It was a good performance.
"We deserved to win and I do not think anyone can argue with that. We came here last year and played very well, yet got slapped 3-0."
Ipswich: Richard Wright, Bruce, McAuley, Naylor, Thatcher, Haynes (Trotter 70), Shumulikoski (Garvan 54), Miller, Walters, Lee (Counago 46), Lisbie. Subs Not Used: Supple, Balkestein.
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