Portsmouth manager Avram Grant signalled his attacking intent by naming a forward line that included Dindane, Frederic Piquionne, Kevin Prince-Boateng and Utaka.
It was brave but it worked brilliantly for the FA Cup finalists.
Portsmouth's breakthrough came midway through the first half when Dindane, virtually unchallenged, glanced in Brown's free-kick from 40 yards.
On-loan Ivorian striker Dindane has impressed during his spell at Portsmouth and his hard-working display would have also heartened the watching national team coach Sven-Goran Eriksson.
Grant silent on Portsmouth future
Within moments of the restart Boateng fired in a sublime volley that Marcus Hahnemann had to push away before the Wolves keeper was called into action again when he dived low to save Piquionne's daisy-cutter.
Although Wolves were largely pre-occupied with keeping Pompey's 'fantastic four' at bay during the opening period, they did manage to cause palpitations at the other end.
James, sporting a mop-style haircut, was called into action early on when he palmed away David Jones's free-kick before the England international's face came to the rescue as he blocked Geoffrey Mujangi Bia's fiercely struck shot from 10 yards.
James could do little to prevent the equaliser from Wolves, with the Pompey keeper saving both a Zubar header and then Doyle's follow-up headed effort, only for the Republic of Ireland striker to nudge in the loose ball.
The equaliser failed to dishearten Pompey and they were back in front four minutes later when Utaka cut in from the right and rifled in a shot that beat Hahnemann low to his left.
McCarthy laments wasteful Wolves
Both teams had showed their potency in attack and the excitement did not relent after the break.
Wolves were first to raise the pulse rates when Doyle turned and shot, with his effort coming off the bar before substitute Sylvan Ebanks-Blake screwed the follow-up wide.
Kevin Foley then forced the busy James to tip round his curling shot from 20 yards.
A goal did come, but at the other end. Substitute Papa Bouba Diop fired in a cross from the right which fell to the feet of Brown, whose shot went through the legs of Foley and past American Hahnemann.
In the last 10 minutes, Ebanks-Blake fired wide again from only six yards out, an effort that proved to be Wolves' final attack.
Portsmouth boss Avram Grant: "We need to know first what the future of the club will be - my own future is not so important.
"But nobody knows, the administrator is trying to do his job.
"We will have to wait and see if we can be in a position to build the club again from the beginning."
Wolves manager Mick McCarthy: "It was a performance below what we have been producing.
"You only have to be a couple of per cent down on the things you do.
"Saying that, we could have won 7-5, because we missed some outrageous chances, but that has been our downfall all season, not scoring enough goals."
90:00+3:00 The referee blows his whistle to end the game.
90:00+2:37 Effort on goal by David Jones from long range goes over the bar.
90:00+2:04 Long range effort by Papa Bouba Diop goes harmlessly over the bar.
Correction - 89:27 David Jones produces a left-footed shot from just outside the box that misses to the right of the target.
89:27 Karl Henry has an effort at goal from just outside the box which goes wide of the right-hand post.
89:16 Kevin Doyle takes a shot. Blocked by Steve Finnan.
88:06 John Utaka takes a short corner.
87:43 The ball is delivered by Tommy Smith, blocked by George Elokobi.
86:06 Kevin-Prince Boateng takes a shot. Blocked by Karl Henry.
85:46 Christophe Berra gives away a free kick for an unfair challenge on Frederic Piquionne. Michael Brown takes the free kick.
85:02 Corner taken by David Jones.
83:32 Adlene Guedioura fouled by Michael Brown, the ref awards a free kick. David Jones takes the free kick.
83:06 John Utaka is flagged offside by the assistant referee. Marcus Hahnemann restarts play with the free kick.
82:42 Short corner taken by John Utaka from the left by-line.
79:59 Frederic Piquionne takes a shot from close range clearing the crossbar.
79:11 Close range header by Kevin Doyle goes over the crossbar.
78:29 Corner from the right by-line taken by David Jones, save by David James.
77:22 Substitution Adlene Guedioura joins the action as a substitute, replacing Kevin Foley.
77:07 The ball is sent over by Frederic Piquionne.
75:35 Sylvan Ebanks-Blake has an effort at goal from close range which goes wide left of the goal.
75:01 Inswinging corner taken left-footed by David Jones, David James makes a save.
73:58 The assistant referee flags for offside against Frederic Piquionne. Marcus Hahnemann takes the indirect free kick.
73:30 Frederic Piquionne takes a shot. Tommy Smith gets a block in.
72:29 Free kick awarded for a foul by Jody Craddock on John Utaka. Papa Bouba Diop takes the direct free kick.
70:53 Kevin Foley takes a shot. Save by David James.
70:09 Papa Bouba Diop takes a shot from inside the box clearing the bar.
69:34 Corner taken right-footed by Michael Brown from the right by-line, Ronald Zubar makes a clearance.
69:25 Tommy Smith takes a shot. David James makes a save.
68:40 Inswinging corner taken from the left by-line by Kevin Foley, save by David James.
66:31 Tommy Smith provided the assist for the goal.
66:31 GOAL - Michael Brown:Portsmouth 3 - 1 Wolverhampton Michael Brown gets on the score sheet with a goal from just inside the area to the bottom right corner of the goal. Portsmouth 3-1 Wolverhampton.
63:21 The referee blows for offside against Frederic Piquionne. Indirect free kick taken by Marcus Hahnemann.
61:51 David Jones takes the outswinging corner, Leonard Sowah makes a clearance.
61:13 John Utaka has an effort at goal from just outside the penalty box which goes wide of the left-hand post.
60:51 Free kick awarded for an unfair challenge on Joel Ward by Chris Iwelumo. Direct free kick taken by David James.
59:42 Foul by Karl Henry on Kevin-Prince Boateng, free kick awarded. Free kick taken by Michael Brown.
58:42 Substitution Papa Bouba Diop comes on in place of Richard Hughes.
58:26 Kevin Doyle produces a left-footed shot from just inside the area and strikes the post. Sylvan Ebanks-Blake has an effort at goal from deep inside the area missing to the left of the goal.
56:03 Jody Craddock fouled by John Utaka, the ref awards a free kick. Direct free kick taken by Marcus Hahnemann.
55:28 Substitution Sylvan Ebanks-Blake replaces Michael Mancienne.
54:44 Karl Henry concedes a free kick for a foul on Michael Brown. Steve Finnan takes the direct free kick.
54:14 Inswinging corner taken by David Jones, save made by David James.
53:58 Kevin Doyle takes a shot. Save made by David James.
51:39 Michael Brown concedes a free kick for a foul on Karl Henry. Michael Mancienne restarts play with the free kick.
49:49 Kevin-Prince Boateng restarts play with the free kick.
49:49 Booking The referee shows Christophe Berra a yellow card for unsporting behaviour.
49:39 Christophe Berra gives away a free kick for an unfair challenge on John Utaka.
48:35 Chris Iwelumo challenges Steve Finnan unfairly and gives away a free kick. David James takes the free kick.
46:04 Frederic Piquionne delivers the ball.
45:01 The referee blows his whistle to start the second half.
45:01 Substitution Tommy Smith replaces Aruna Dindane.
45:01 Substitution Aaron Mokoena leaves the field to be replaced by Joel Ward.
45:01 Substitution Chris Iwelumo on for Geoffrey Mujangi Bia.
Half Time
45:00+2:17 The ref blows to end the first period.
45:00+1:50 The referee blows for offside. Indirect free kick taken by Marcus Hahnemann.
45:00+1:28 The offside flag is raised against Kevin Doyle. Indirect free kick taken by David James.
44:45 Kevin Doyle takes a shot. Save made by David James.
40:44 George Elokobi challenges Aruna Dindane unfairly and gives away a free kick. Direct free kick taken by Kevin-Prince Boateng.
38:40 Assist on the goal came from Michael Brown.
38:40 GOAL - John Utaka:Portsmouth 2 - 1 Wolverhampton John Utaka grabs a goal from just outside the area to the bottom right corner of the goal. Portsmouth 2-1 Wolverhampton.
36:21 Ronald Zubar gives away a free kick for an unfair challenge on Kevin-Prince Boateng. Free kick taken by Michael Brown.
34:30 GOAL - Kevin Doyle:Portsmouth 1 - 1 Wolverhampton Goal scored by Kevin Doyle from inside the six-yard box to the bottom left corner of the goal. Portsmouth 1-1 Wolverhampton.
Correction - 34:26 Ronald Zubar takes a shot. Save by David James. Kevin Doyle takes a shot. Save by David James.
34:26 Geoffrey Mujangi Bia takes a shot. David James makes a save. Kevin Doyle takes a shot. Save made by David James.
33:49 Unfair challenge on Geoffrey Mujangi Bia by Anthony Vanden Borre results in a free kick. David Jones takes the direct free kick.
33:28 The assistant referee flags for offside against Frederic Piquionne. Ronald Zubar takes the free kick.
32:28 Geoffrey Mujangi Bia takes a shot. David James makes a save.
31:49 Frederic Piquionne challenges Jody Craddock unfairly and gives away a free kick. Marcus Hahnemann restarts play with the free kick.
30:36 Michael Mancienne takes a shot. Blocked by Anthony Vanden Borre.
27:30 Free kick awarded for a foul by Aaron Mokoena on Geoffrey Mujangi Bia. Kevin Foley takes the direct free kick.
26:56 Free kick awarded for a foul by Kevin Doyle on Anthony Vanden Borre. Direct free kick taken by David James.
Correction - 24:02 Frederic Piquionne takes a shot. Marcus Hahnemann makes a save.
24:02 Frederic Piquionne takes a shot. Save made by Marcus Hahnemann.
23:16 Outswinging corner taken by David Jones from the left by-line, clearance by Kevin-Prince Boateng.
22:47 Free kick awarded for a foul by Aruna Dindane on George Elokobi. Marcus Hahnemann takes the direct free kick.
22:06 Michael Brown takes the outswinging corner, Karl Henry makes a clearance.
21:37 Corner taken by Michael Brown played to the near post, Christophe Berra makes a clearance.
21:29 Kevin-Prince Boateng takes a shot. Marcus Hahnemann makes a save.
19:59 Assist on the goal came from Michael Brown.
19:59 GOAL - Aruna Dindane:Portsmouth 1 - 0 Wolverhampton Aruna Dindane grabs a headed goal from deep inside the penalty box. Portsmouth 1-0 Wolverhampton.
19:30 Frederic Piquionne fouled by Jody Craddock, the ref awards a free kick. Direct free kick taken by Michael Brown,
18:41 David Jones takes a inswinging corner from the right by-line to the near post, Kevin Doyle has a headed effort at goal from close in which goes wide of the left-hand upright.
17:24 Handball by Leonard Sowah. Indirect free kick taken by Marcus Hahnemann.
15:18 Kevin Foley is caught offside. David James restarts play with the free kick.
13:37 Inswinging corner taken by David Jones from the right by-line, Frederic Piquionne makes a clearance.
13:30 David Jones takes a shot. Save by David James.
12:34 Aaron Mokoena challenges Geoffrey Mujangi Bia unfairly and gives away a free kick. Direct free kick taken by Karl Henry.
11:12 Geoffrey Mujangi Bia crosses the ball, clearance by Steve Finnan.
9:03 Kevin-Prince Boateng takes a inswinging corner.
8:53 A cross is delivered by Kevin-Prince Boateng, clearance made by George Elokobi.
7:15 Foul by Michael Mancienne on Frederic Piquionne, free kick awarded. Free kick taken by Aaron Mokoena.
6:15 Foul by Geoffrey Mujangi Bia on Aruna Dindane, free kick awarded. David James takes the free kick.
5:36 Geoffrey Mujangi Bia takes a shot. Save by David James.
4:37 Jody Craddock fouled by Frederic Piquionne, the ref awards a free kick. Marcus Hahnemann takes the direct free kick.
3:31 Michael Brown gives away a free kick for an unfair challenge on Ronald Zubar. Marcus Hahnemann takes the free kick.
3:21 Centre by Aruna Dindane, Ronald Zubar manages to make a clearance.
2:11 Corner taken by Michael Brown, clearance made by Jody Craddock.
2:07 The ball is swung over by Leonard Sowah, George Elokobi manages to make a clearance.
0:00 The match gets underway.
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