Morecambe claimed a famous victory to reach the Carling Cup third round. Craig Stanley hit the bar for the Shrimps before Carl Baker put them ahead from the spot after Wolves keeper Graham Stack fouled Michael Twiss.
Andy Keogh levelled with another penalty to take the tie into extra-time after he was fouled by Baker.
But Stack allowed the Shrimps to regain the lead when he let a Jon Newby shot to creep under his body and Garry Thompson's chip sealed Morecambe's win.
Wolverhampton: Stack, Foley, Edwards, Neill Collins, Gray, Bennett (Kightly 62), Gleeson (Potter 46), Henry, Mulgrew (Rosa 81), Keogh, Eastwood.
Subs Not Used: Hennessey, Lee Collins.
Booked: Edwards, Stack.
Goals: Keogh 84 pen.
Morecambe: Lewis, Yates, Bentley, Artell, Adams, Baker, Stanley, Sorvel (Newby 85), Allen (Hunter 59), Twiss (Blinkhorn 72), Thompson.
Subs Not Used: Drench, Howard.
Booked: Baker, Lewis, Adams.
Goals: Baker 62 pen, Newby 92, Thompson 105.
Att: 11,296
Ref: Anthony Taylor (Greater Manchester).
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