Getting to the ground
If you're driving down then there is virtually no street parking available unless you're prepared to walk a long way. One possibility if you arrive early is the area around Culwell Street (see pub map), which is a 10-15 minute walk from the ground. Parking here has the added benefit of being not far from the Great Western (see below). If you don't manage to find any street parking then you'll probably have to use one of the various pay and display car parks. Don't be tempted to try the Asda car park as you'll almost certainly get clamped. For train travellers, the ground is a 10 minute walk from the station.
Be aware that Wolves fans have a bit of a reputation. Most of them are friendly enough, but an element aren't. There aren't really any pubs around the ground nowadays. If you drive down and park north of the ground you could try the Stile Inn, although I don't know whether or not they allow away fans in. Otherwise head west of the ground (Royal Oak and excellent Combermere Arms, plus one or two more), or take a chance on the city centre pubs. Some of those in the centre are strictly home fans only, including Wetherspoons' Moon on the Water, and you might want to avoid some of those that aren't. But apparently there are some places that you'll be ok in in small groups and/or without colours. You could try the George Wallis or Goose, both of which are Wetherspoons clones, or the highly rated Lych Gate Tavern. One place to definitely give a wide berth though is the Prince Albert, which you pass on the way from the station to the town centre.
If travelling down by train then the place to definitely head for is the Great Western, my altogether favourite pre-match pub anywhere. They have a good range of well-kept beer at decent prices, and also sell filling pub grub. On top of that the locals and the staff are dead friendly, and the service is as good as you can expect to get in a busy football pub. To get to the pub you turn eight out of the station, right again through through the underpass under the station, then right again at the other end of it. Keep going until you eventually you come to a road, and the pub is right in front of you. The Great Western positively welcomes away fans as long as they behave themselves, which includes no singing. If you can't get into the Great Western or for some reason prefer to go elsewhere, then try some of the town centre pubs mentioned above.
All the pubs mentioned above, plus several others, are shown on the pub map below.
Football Ground Guide