The goal by Olofinjana secured the visitors 14th win of the season and condemned North End to their second home defeat of 2007 and things went from bad to worse as Brett Ormerod was forced off injured on 14 minutes and Kelvin Wilson red carded for a professional foul with six minutes remaining.
Michael Ricketts made his first start at Deepdale after Paul Simpson opted for the same side that secured a 3-1 win at Sheffield Wednesday the previous weekend.
Just as at Hillsborough Ricketts started just behind the front two of Ormerod and Nugent, although that quickly changed when Ormerod was forced off through injury after just 15 minutes.
The only change to the squad came in the form of Neil Mellor who replaced the injured Lewis Neal on the bench and finally made his home debut after signing from Liverpool in August.
There were nervy moments on five minutes when Wolves were awarded a free kick on the edge of the box, after an alleged hand ball from Chris Sedgwick.
The ball was whipped in by Kightly but Michael Ricketts rose highest to head the ball behind and Wolves could do nothing from the resulting corner.
Two minutes later though and the visitors were in front despite the best efforts of Matt Hill who twice cleared off the line.
Wolves attacked with pace and the forward Andy Keogh pulled Lonergan off his line as the North End keeper tried to narrow the angle, his strike beat the keeper but not Hill who got a boot on the ball but the clearance only found Ward, but he was again thwarted by Hill but it was third time lucky as Olofinjana fired past Andy Lonergan who had got himself back between the sticks.
Paul Simpson was forced into an early change on just 14 minutes when Brett Ormerod was helped off after appearing to land awkwardly after going up for a corner. After an assessment by Steve Kemp it became clear that the striker was not able to carry on and he was replaced by Simon Whaley and North End reverted to a 4-4-2 formation, with Whaley on the right and Pugh on the left.
North End went within inches of getting back on target on 18 minutes, Michael Ricketts agonisingly close to scoring his first PNE goal. The Preston number 8 won a free kick on the edge of the box and stepped up to take it himself, curling an effort beyond the reach of Matt Murray but that ball cannoned back of the crossbar but no one was on hand to fire home.
The home side tried to get back on level terms but found the Wolves back line difficult to break down, the best chance coming on 39 minutes, Nugent running at goal with players in support. He opted for one of those players as he played in Whaley on the right and continued his run but his former Bury team mate mis-controlled and the chance was gone.
It wasn't a half to remember for North End but after coming from a goal down last weekend and two down against both Ipswich and Stoke anything was possible in the second half.
Wolves could have been further ahead three minutes into the second half when a ball over the top from Kightly caught the defence on the back foot. Stephen Ward reached it before Lonergan but his volley finished just wide of the right hand post.
Three minutes later Nugent rose well to get on the end of a right wing cross from Sedgwick but he could only glance his header wide.
Only an excellent save by Lonergan on 59 minutes prevented Wolves going further ahead courtesy of Andy Keogh. The man signed from Scunthorpe turned sharply and hit a low effort that was certainly on target, that was until Lonergan reacted well to parry the ball wide with one hand.
Ricketts was in the thick of things again three minutes later peeling off his man to get a head on a left wing cross from Pugh, but his looping header needed a touch on at the far post to beat Murray but there was no one there and the ball went behind for a goal kick.
The woodwork saved Wolves for a second time on 74 minutes as Graham Alexander went close to netting his first goal from open play so far this season.
Danny Pugh whipped a good ball in from the left, Ricketts ducked out of it and allowed the ball to fall for the incoming Alexander, whose well struck effort had Murray beaten but not the post as the ball cannoned out and the danger eventually cleared.
Neil Mellor came on to make his home debut replacing Danny Pugh with 10 minutes left on the clock, while Michael McIndoe was replaced by Mark Davies for the visitors.
Things went from bad to worse on 84 minutes when the home side were reduced to 10 men. Kelvin Wilson, who was booked in the first half, was shown a straight red by referee Graham Laws for bringing down Andy Keogh on the edge of the box.
PNE LINEUP: Lonergan, Alexander, Hill, Chilvers, Wilson, McKenna, Pugh (Mellor 80), Sedgwick, Ricketts, Nugent, Ormerod (Whaley 15)
SUBS: Henderson, Dichio, St Ledger
WOLVES LINEUP: Murray, Collins, Olofinjana, McNamara, Henry, Edwards, Potter, Ward, McIndoe, Kightly, Keogh.
SUBS: Bothroyd, Davies. Little, Collins, Budtz
Attendance:15748
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