The Hammers dominated and Bobby Zamora had a goal chalked off for offside before Calum Davenport's header was tipped over by Michael Oakes.
Stephen Bywater tipped a Kenny Miller effort onto the post as Wolves briefly threatened but Sheringham then stepped off the bench to lash in from 20 yards.
West Ham boss Alan Pardew praised Teddy Sheringham for his match-winning contribution:
"If you had seen the way he played in our 1-1 draw at Derby, you would have thought I was mad to leave him out.
"But we are trying to manage Teddy and I asked him what he thought about coming off the bench and into the match when everyone was tired.
"I left that decision with him, and he said he had never told a manager before that perhaps it would be better for him to start on the bench.
"And I have to say it was an absolutely brilliant goal that he scored to win it for us."
Wolves boss Dave Jones:
"We said at half-time that the team that made the mistake would be punished, and unfortunately it was us.
"I am not feeling the pressure, but it is true that I am concerned. But I do not think change is the best thing for this club.
"If you ask me if the work of the last three-and-a-half years should be thrown away, then my answer is 'no'.
"But we are in a business where people will hype things up and I can't do anything about that. All I can do is get the result, and today I didn't."
West Ham: Bywater, Mullins, Repka, Davenport, Powell,
Chadwick (Rebrov 45), Fletcher, Reo-Coker,
Etherington (Lomas 45), Harewood, Zamora (Sheringham 60).
Subs Not Used: Walker, Melville.
Goals: Sheringham 75.
Wolverhampton: Oakes, Clyde, Naylor (Clarke 80), Lescott,
Craddock, Newton, Olofinjana (Andrews 85), Ince,
Seol (Cameron 64), Miller, Cort.
Subs Not Used: Jones, Bischoff.
Ref: B Knight (Kent).