The first half ended with Wolves defender Mark Little being sent off after collecting two yellow cards. The second half was an anti-climax compared with the excitement of the first half but still Palace had enough chances to have won the game easily.
Hudson got the game off to a great start with a perfectly placed header from Ben Watson's free-kick, but Wolves wasted no time and within 30 seconds were level after Michael McIndoe crossed a beauty from the left for Bothroyd to finish with a well-placed header which looped over Gabor Kiraly and into the far corner.
It was end to end stuff and on 22 minutes Wolves were in front. Bothroyd was offered far too much space on the right side and left unchallenged had no difficulty in rifling his ten yard shot past the bemused Kiraly.
Despite occupying a mid-table position Peter Taylor's Eagles showed plenty of commitment and deservedly levelled on 37 minutes.
Watson passed to Shefki Kuqi who from the inside right channel crossed low for McAnuff to power a low shot from ten yards out past Jan Budtz.
The first half action ended with Wolves defender Little collecting his second yellow for a foul on McAnuff and Wolves found themselves down to ten.
After the break a depleted Wolves side slowed the tempo down but still Palace created chances.
Clinton Morrison missed two gilt-edged opportunities in front of goal while Kuqi shot embarrassingly wide. Tom Soares then had a header saved by Budtz before Jackie McNamara cleared Leon Cort's header off the line.
But Wolves, although shaky, survived and it was a point won which may be useful come the end of the season.