Wolves saw off 10-man Southampton to maintain their six-point lead at the top of the Championship table.
Chris Iwelumo met Carlos Edwards' cross to nod the visitors in front.
Edwards then teed up David Jones to fire in Wolves' second goal but Saints replied instantly when Alex Pearce headed home Adam Lallana's corner.
Southampton had Jason Euell sent off for a challenge on Richard Stearman but pushed forward and hit the post through Bradley Wright-Phillips before the end.
Wolves captain Karl Henry's booking took him to five for the season - and should earn him an automatic one-game ban which will rule him out of next Saturday's home date with Blackpool.
Southampton manager Jan Poortvliet:
"The referee is the man in charge and you have to deal with it but I did not like some of his decisions.
"I have spoken to Jason. He said it was just a normal tackle and I didn't see it so we are disappointed.
"We have to keep going but, if we continue to play like that, I'm sure the wins will come."
Wolves manager Mick McCarthy: "I don't know at the end of it whether we're worthy winners or whether we got out of jail a bit in the second half.
"A third goal would have killed the game but of course they went up the other end and scored and made it a nervy second half.
"They kept passing and playing and I'm pleased we managed to come away with the points."
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