In the early exchanges, Ben Tozer failed to get a good connection with Clive Platt's knockdown and Wolves wideman Anthony Forde flashed a shot across goal and just wide of the far post.
But Danny Batth gave Wolves the lead in the 17th minute, getting the final touch on Forde's inswinging corner.
Frank Nouble saw his angled drive charged down as the Championship side stepped up a gear and threatened to score a second goal.
But the Cobblers soon forced their way back into the game.
Chris Hackett forced Carl Ikeme into action with a low drive and moments later his deep corner was headed over by David Artell.
The equaliser came five minutes before the break when Platt headed home Hackett's pin-point cross.
But in first-half stoppage time, Nouble restored Wolves' advantage, scrambling the ball home after good work form Forde.
Wolves were out of the blocks quickly after the restart and Bjorn Sigurdarson soon saw his close-range effort blocked.
Snedker almost gifted Wolves a third goal when he spilled a low cross to Razak Boukari, who was denied by Kelvin Langmead.
The 17-year-old goalkeeper redeemed himself seconds later, though, turning a shot from David Davis around the post.
Snedker also did well to foil Davis again before Boukari shot into the sidenetting as Wolves dominated the second half.
But substitute Bakary Sako finally added a third in stoppage time with a low drive from the edge of the box.