Tony Pulis' men appeared to be coasting as goals by James Beattie and Matthew Etherington gave them a comfortable cushion at the break.
But Wolves showed terrific spirit after the interval and that was epitomised by Craddock at both ends of the field.
The Stoke fans, in full voice for this West Midlands derby, were almost cheering a fourth minute opener when Danny Collins was allowed a free header from Etherington's corner.
Collins' firm effort was fumbled by Wolves keeper Wayne Hennessey and there was an almighty scramble in the six-yard box before the ball was hoofed clear.
The visitors were gaining in confidence before they conceded from a swift breakaway, with the spring-heeled Etherington the chief architect, in the 17th minute.
Etherington sped 70 yards from Thomas Sorensen's throw, leaving Ronald Zubar trailing in his wake, before delivering a low cross which Beattie fired in at the far post.
Stoke were spurred on by their opener and it needed a fantastic reflex save by Wayne Hennessey to keep out Beattie's header from a Ryan Shawcross cross.
A second Stoke goal did arrive in the 44th minute when the Wolves defence was put under pressure from a trademark long throw by Rory Delap.
Christophe Berra could only head the ball straight to the unmarked Etherington, who controlled it on his chest before sending a superb volley into the top right-hand corner of Hennessey's net.
It was Etherington's first Premiers League goal for Stoke on his 22nd start.
McCarthy made a change at half-time, with Nenad Milijas replacing Segundo Castillo and the substitute was instrumental as the visitors reduced the deficit a minute after the restart.
The Serbian's free-kick was headed on by Berra to the far post where his central defensive partner Craddock cracked the loose ball into the roof of the net.
And Craddock, who spent a spell on loan with Stoke two years ago, sent the Wolves followers into delirium, when he scored his second goal in the 64th minute.
Milijas was again the provider as his near post delivery from the right was headed high into the opposite top corner by the rampaging Craddock.
Both sides pushed for a winner, but neither goalkeeper was seriously extended as a full-blooded contest ended all-square.