Absent from the the previous three games through injury, Ebanks-Blake struck just after half-time.
And, admittedly, the visitors were helped by one glaring second-half miss from former Argyle striker Sylvan Ebanks-Blake.
"I'm delighted to have signed the contract but it was never in doubt, " Ebanks-Blake told the club's website.
Sylvan Ebanks-Blake added a second just before the break and was involved in the third on 56 minutes.
Wolves had the better of the half's remaining chances, hitting Cardiff on the break through Michael Kightly and Ebanks-Blake.
Sylvain Ebanks-Blake then doubled that lead on eight minutes after beating the off-side trap to finish in the corner.
Ebanks-Blake's strike came after some intricate passing saw him latch onto a through-ball to beat last man Darren Purse.
Sylvan Ebanks-Blake twice sent a shot narrowly wide but Wolves had done enough to move out of the bottom three.
Victoria's Secret made millionaires of two newcomers: Miranda Kerr and Selita Ebanks, striking poses at Nos. 10 and 12, respectively.
But Kevin Doyle and Sylvan Ebanks-Blake missed good chances with headers from corners, while Christophe Berra misdirected his header from a free-kick.
Wolves rode their luck at times after Ebanks-Blake's goal, notably when Rowan Vine's shot deflected off Christophe Berra before hitting the bar.
Michael Kightly, Sylvan Ebanks-Blake and Richard Stearman are part of the England Under-21 squad to take on the Czech Republic at Bramall Lane.
Fittingly the winning goal was bagged by striker Sylvan Ebanks-Blake, the club's top scorer this season, who claimed his 25th goal of the campaign.
The introduction of Sylvan Ebanks-Blake and Kightly at half-time breathed new life into the home side as rain began to fall in the Black Country.
But both Wolves scorers failed to take advantage, with Iwelumo failing to convert Kightly's goalmouth cross while only two last-ditch tackles prevented Ebanks-Blake doubling his tally.
Kingson had to be alert again to claw away an Ebanks-Blake effort at his near post but the Ghana keeper could do little to keep out Doyle.
At the other end Doyle saw a header clawed off the line by Schwarzer and Sylvan Ebanks-Blake rifled into the side-netting in a richly entertaining second half.
Star speckled with model Selita Ebanks as the phoenix, narration by Nicki Minaj, and writing credits for Hype Williams, the video is thought out and decorated with metaphors.
Sylvan Ebanks-Blake had a shot saved by the legs of Thomas Sorenson and Fletcher was then denied by some desperate defending having danced his way around two tackles.
The winger was unmarked at the far post but slipped and sliced his shot wide after Keogh's shot deflected into his path off former Argyle striker Sylvan Ebanks-Blake.
In fact, the clearer chances fell the way of Wolves, with Ebanks-Blake going close after a breakaway and much later the striker had a shot that was deflected narrowly wide.
From Henry's lay-off, Halford flicked the ball in the air and volleyed through a sea of players, but James pushed the ball wide and Ebanks-Blake smashed the rebound off target.
And Martinez believes Scotland, whose 16 league goals see him behind Wolves' Sylvan Ebanks Blake and Reading's Kevin Doyle in the Championship goal charts, can still play in the top-flight.
McCarthy made a change at half-time, throwing on Sylvan Ebanks-Blake to join Doyle up front and the duo almost combined for a goal as Doyle's low cross flashed just beyond the reach of his strike partner.
They had several chances to equalise, a cross flashing across the goalline just beyond Ebanks-Blake, Fletcher bursting into the area with no reward and Steven Mouyokolo heading a golden opportunity from inside the six-yard box wide, but however unjust, Wolves remained one place off the bottom.
The home side adopted a route one approach when Marcus Hahnemann's long kick was flicked on by Kevin Doyle and Sylvan Ebanks-Blake wriggled clear of the commanding Zat Knight, but he tried to punch the ball into the net, only to see his effort rebound off a post and he was lucky to escape punishment from referee Peter Walton.
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