The Reds fielded only three players with Premiership experience as youngsters John Welsh, Le Tallec and Jon Otsemobor looked to earn the chance to displace their underperforming senior team-mates.
Promising keeper Paul Harrison was given a rare reserve team run-out, with his progress hindered recently by the presence of Patrice Luzi, who was eventually not deemed good enough for the first-team.
Liverpool started excellently and, playing with a strong wind behind them, knocked the ball around superbly. Le Tallec, sporting a hairdo almost as white as his boots, looked determined to make an impression after remaining on the bench during Saturday's defeat at White Hart Lane.
Leon Clarke gave Wolves a surprise lead on 12 minutes after powering past a rather one-paced Carl Medjani to fire an excellent shot past Harrison.
It could have been worse for the Reds after poor defending from Zak Whitbread gave Mulligan a free header at an open goal. Luckily the excellent Otsemobor cleared from the goal-line and Harrison made a fine stop from the follow-up.
Darren Potter's cross eventually saw the Reds back on level terms five minutes before the break with Whitbread netting a sweet header.
Harrison was again alert to deny Mulligan immediately following the equaliser before Liverpool took the lead through Le Tallec.
Potter, who enjoyed a magnificent evening, chipped a delectable back-post cross for the Frenchman to tap home with the outside of his right boot.
The second-half was a much quieter affair as Wolves failed to utilise the wind and Liverpool struggled to mount a serious threat due to the gale in their faces.
Le Tallec was replaced on the hour and could be in line for a run-out wit the senior side against the same opposition in the Premiership tomorrow night.
Medjani atoned for his first-half error with a superb last-ditch challenge, before Marlon Walters was sent-off after a second booking late on.
Team: Harrison, Otsemobor, Raven, Medjani, Whitbread, Potter, Foy, Welsh, Gillespie, Le Tallec (Smyth), Foley. Subs: Willis, Vaughan, Wright, Wilkie.
