The ex-Newcastle striker scored in the dying seconds after the visitors had twice squandered leads earned by Jeremie Aliadiere and Kenny Miller.
Despite Stuart Green missing a first-half penalty, Hull equalised twice thanks to Leon Cort's effort and a Rob Edwards own goal eight minutes from time.
However, Carl had the last laugh over brother Leon with his 89th-minute strike.
Although Hull produced the majority of pressure early on, Wolves broke the deadlock after 28 minutes as a mistake in the Tigers midfield saw Aliadiere power forward to slot the ball past Boaz Myhill into the bottom right hand corner from 18 yards.
Hull tried to find an equaliser before the break and Mark Noble, on loan from West Ham, had a chance on the edge of the area after a neat interchange in the midfield, but he could only fire the ball over the bar.
City had the chance to equalise from the penalty spot five minutes from the break when Jon Parkin was brought down by Joleon Lescott inside the area. Green stepped up to take the spot-kick but he placed the ball wide of Stefan Postma's goal.
Hull pressed on in the second half and after 51 minutes a headed clearance fell to Leon Cort just inside the area, and he made no mistake as he powered the ball into the top right corner of the net to put his side on level terms.
Eight minutes later, hesitation in the home midfield saw Miller take advantage, as neat play with Aliadiere saw the Scotsman tuck the ball into the bottom right hand corner of the goal.
Hull levelled the scores in bizarre fashion as Edwards attempted to clear a looping cross from Ryan France but put the ball into the back of the net from a tight angle.
However, in the dying seconds a curling cross from substitute Rohan Ricketts was met with an accomplished finish from Carl Cort to give Wolves all three points.