Leon Best fired Saints to within 90 minutes of the club's first-ever FA Youth Cup final - then thanked strike partner and close friend David McGoldrick for the assist.
Best rounded goalkeeper Wayne Hennessey after being put through by former Notts County teammate McGoldrick in the 19th minute - and calmly slotted the only goal of the semi-final first leg tie.
It was the 18-year-old's fourth goal of the competition and was beautifully crafted by McGoldrick, who enjoyed an outstanding first half.
Best said: "I've played with David since I was 12 years old at Notts. He's a year younger than me but we've always played well together and it was a great ball from him for the goal. I held my run and he supplied the perfect pass."
McGoldrick played for Notts County's first team as a 15-year-old and is the under-18s' top scorer this season with 13 goals in 22 starts.
But he was denied his first goal of the Youth Cup campaign in the 29th minute when he struck the base of a post with a thunderous 25-yard drive following a neat 'Cruyff turn'.
Despite creating several chances, Saints failed to add to their lead, and Best was denied a second goal in controversial circumstances after volleying a long throw from Craig Richards into the far corner of Wayne Hennessey's goal.
Referee Steve Tanner was persuaded to disallow the 73rd-minute strike by his linesman because midfielder Tim Sparv was in an offside position and interfering with play by blocking Hennessey's view.
But Saints head of youth Steve Wigley said: "The referee was in the better position, he should have made the decision - but at least it means it will be a more exciting second leg!"
Saints starlet Theo Walcott was well shackled by Lee Collins before limping off with an ankle injury.
But the England under-17 star is expected to be fit for next Wednesday's second leg at Molineux, as is defender Kyle Critchell, who was withdrawn after a clash of heads early in the second half.
There was plenty of excitement created by Saints' other winger Nathan Dyer, especially when he escaped the attentions of pacy 16-year-old right back Mark Little.
Dyer's electric pace was nearly rewarded with a stunning individual goal in injury time.
After weaving in and out of two Wolves defenders at full tilt, Trowbridge-born Dyer could only find the side-netting in the 80th minute.
But he bettered that by evading the challenges of three Wolves defenders in time added on, only for Hennessey to deny him with a brilliant block from close range.
Wolves, though, were not without their own chances.
Saints goalkeeper Andrew McNeil kept out an 11th-minute Chris Cornes drive and the Wolves No 10 forced the Scotsman into another smart save in the 78th-minute after getting the better of Sebastian Wallis-Tayler.
And Wigley admitted he thought Wolves had equalised when Cornes flicked a Hennessey kick over the head of Sean Rudd, only for midfielder Stephen Gleeson to poke into the side netting from six yards.
But, overall, Best admitted it was a night of frustration for Saints, who were restricted to a third 1-0 win in as many FA Youth Cup ties at St Mary's this season following fourth and fifth round wins against Norwich City and Arsenal.
"We've been winning by big margins in the league and some of us thought we'd win three or four nil, but it didn't happen," said Best.
"We didn't know anything about Wolves before tonight, they're hardworking and never give up and are quite a good team - but we can do a lot better."
Saints: McNeil, Richards, Rudd, Cranie (c), Critchell (Wallis-Tayler 49), Walcott (Condesso 74), Sparv, James, Dyer, McGoldrick, Best. Subs not used: Jones, Dutton-Black, Lallana.
Wolves: Hennesey, Little, Riley, Taylor, Rafferty, Musson, Gleeson, Davies, Collins (Fitzpatrick 76), Cornes, Stewart.
Subs not used: Shepherd, Bennett, Ferran, Hughes, Bailey.
Saints 1 - Wolves 0
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