Yet Arsenal's misfortune soon turned on its head when Fabregas' corner came off Zubar's thigh and went into his own goal.
It served to settle Arsenal, and have the opposite effect on Wolves.
Ramsey headed straight at Wayne Hennessey, and then the Welshman over-hit a pass that would have played in Eduardo as the visitors took control.
Wolves were opened up again as they committed far too many men forward, and at the end of a rapid counter-attack Eduardo's shot clipped Craddock to leave Hennessey stranded as the ball went over his head.
With McCarthy's men still reeling, Arsenal carved out a superb third, when Bacary Sagna's cross was brilliantly laid off by Van Persie for Fabregas to slot home.
Almost inevitably it led to a subdued period after the break as Wolves looked to regroup, while Arsenal stroked the ball around with little urgency.
McCarthy rues defensive errors
Then an injection of pace from Arshavin saw him test Hennessey with a stinging shot.
And from the resultant corner, the Russian rifled in after Hennessey had punched the cross away.
Eduardo almost added a fifth goal but was denied by Hennessey who did well to smother the striker's low effort.
More fluid approach play carved out another chance for Arsenal as Van Persie pulled the ball back for Fabregas but the Spaniard blazed over.
Instead it was Wolves who were to score the next goal, as Craddock thumped in a header from a corner.
Arsenal manager Arsene Wenger: "We had so many chances and they had been under pressure for 10 to 15 minutes before the opening goal.
"I felt we controlled the game. Overall we could have scored many more. On every counter attack we looked dangerous.
"The most important factor is we play for each other as we do. We have to focus on our performance and continue to develop our style of play.
"We were out of it (the title race) last year after we lost five games in 14.
"Two years ago, though, we were close to winning it, people forget that. We will keep our humility and play our game."
Wolves manager Mick McCarthy: "Our season won't be judged by games against Arsenal. We have Birmingham coming up and that is the type of game we have to win.
"Hull, West Ham and Portsmouth are the teams in and around us and matches with them will be important.
"We have been ticking along but were well beaten in the end. We were outstanding for 30 minutes and took Arsenal on but mistakes have cost us.
"But I know the crowd appreciate the hard work the team put in and the way they tried to play."
90:00+3:00 The referee brings the game to a close.
90:00+1:04 Aaron Ramsey has an effort at goal from just inside the box that misses to the right of the goal.
88:43 The assist for the goal came from Matthew Jarvis.
88:43 GOAL - Jody Craddock:Wolverhampton 1 - 4 Arsenal Jody Craddock finds the net with a headed goal from inside the box. Wolverhampton 1-4 Arsenal.
88:24 Inswinging corner taken right-footed by Matthew Jarvis,
87:20 Shot from deep inside the area by Tomas Rosicky clears the bar.
83:22 The referee blows for offside. Wayne Hennessey restarts play with the free kick.
82:19 Karl Henry has an effort at goal from 20 yards. Francesc Fabregas gets a block in.
81:28 Free kick awarded for an unfair challenge on Sylvan Ebanks-Blake by Thomas Vermaelen. Free kick taken by Michael Kightly.
79:04 Substitution Michael Mancienne on for David Edwards.
Correction - 77:24 Foul by Robin van Persie on Richard Stearman, free kick awarded. Richard Stearman takes the direct free kick.
77:24 Bacary Sagna challenges Richard Stearman unfairly and gives away a free kick. Richard Stearman takes the direct free kick.
75:26 Shot from deep inside the area by Francesc Fabregas goes over the bar.
73:19 Substitution Samir Nasri on for Andrey Arshavin.
73:19 Substitution Matthew Jarvis on for Nenad Milijas.
72:13 Foul by Aaron Ramsey on Kevin Doyle, free kick awarded. Christophe Berra restarts play with the free kick.
71:25 Free kick awarded for a foul by Robin van Persie on Karl Henry. Karl Henry takes the direct free kick.
71:05 Alexandre Song Billong concedes a free kick for a foul on Karl Henry. Karl Henry takes the direct free kick.
69:50 Free kick taken by Manuel Almunia.
69:50 Substitution Da Silva Eduardo goes off and Tomas Rosicky comes on.
69:50 Free kick awarded for a foul by Jody Craddock on Bacary Sagna.
68:29 Free kick awarded for a foul by Thomas Vermaelen on Kevin Doyle. Shot on goal comes in from Nenad Milijas from the free kick,
Alexandre Song Billong gets a block in.
67:54 The official flags Robin van Persie offside. Direct free kick taken by Wayne Hennessey.
66:58 Da Silva Eduardo produces a drilled left-footed shot from 12 yards. Wayne Hennessey makes a save.
65:40 GOAL - Andrey Arshavin:Wolverhampton 0 - 4 Arsenal Andrey Arshavin gets on the score sheet with a goal from just outside the penalty box to the bottom left corner of the goal.
Wolverhampton 0-4 Arsenal.
65:21 Francesc Fabregas takes a inswinging corner to the near post, save by Wayne Hennessey.
65:07 Drilled left-footed shot by Andrey Arshavin. Save by Wayne Hennessey.
64:21 Substitution Michael Kightly comes on in place of Segundo Castillo.
63:19 The assistant referee flags for offside against Kieran Gibbs. Wayne Hennessey takes the free kick.
60:51 Free kick awarded for a foul by Richard Stearman on Robin van Persie. Francesc Fabregas takes the direct free kick.
59:10 Free kick taken by Francesc Fabregas.
59:10 Booking Booking for Nenad Milijas for unsporting behaviour.
59:05 Foul by Nenad Milijas on Bacary Sagna, free kick awarded.
58:27 Direct free kick taken by William Gallas.
58:27 Booking Kieran Gibbs goes into the book.
58:17 Foul by Richard Stearman on Francesc Fabregas, free kick awarded.
55:45 Foul by Bacary Sagna on Richard Stearman, free kick awarded. Nenad Milijas crosses the ball in from the free kick, save made
by Manuel Almunia.
51:55 Da Silva Eduardo is caught offside. Wayne Hennessey takes the direct free kick.
51:04 Free kick awarded for an unfair challenge on Francesc Fabregas by Karl Henry. Direct free kick taken by Manuel Almunia.
49:15 Centre by Andrey Arshavin, save by Wayne Hennessey.
48:41 Shot by Robin van Persie. Ronald Zubar gets a block in.
Correction - 45:42 Bacary Sagna produces a cross, Ronald Zubar manages to make a clearance.
45:42 Bacary Sagna produces a cross.
45:01 The referee gets the second half underway.
45:00+2:27 The half-time whistle blows.
45:00+0:36 Assist by Robin van Persie.
45:00+0:36 GOAL - Francesc Fabregas:Wolverhampton 0 - 3 Arsenal Francesc Fabregas finds the back of the net with a goal from inside the six-yard box to the bottom right corner of the goal.
Wolverhampton 0-3 Arsenal.
43:02 The ball is swung over by Aaron Ramsey, clearance made by Richard Stearman.
42:31 The ball is swung over by David Edwards.
41:51 The assistant referee flags for offside against Andrey Arshavin. Free kick taken by Wayne Hennessey.
40:00 Francesc Fabregas challenges Kevin Doyle unfairly and gives away a free kick. Nenad Milijas shoots direct from the free kick.
39:45 Free kick taken by Christophe Berra.
39:45 Booking Andrey Arshavin is shown a yellow card for unsporting behaviour.
39:29 Andrey Arshavin challenges Karl Henry unfairly and gives away a free kick.
39:05 Inswinging corner taken by Francesc Fabregas from the left by-line.
38:43 Robin van Persie has an effort at goal from just inside the box that misses to the left of the goal.
35:15 Assist by Da Silva Eduardo.
35:15 GOAL - Jody Craddock:Wolverhampton 0 - 2 Arsenal Jody Craddock heads into his own net. Wolverhampton 0-2 Arsenal.
35:01 Shot by Da Silva Eduardo. Blocked by Jody Craddock.
34:37 Richard Stearman sends in a cross, clearance made by William Gallas.
31:47 Inswinging corner taken by Francesc Fabregas.
31:06 The referee blows for offside against Robin van Persie. Free kick taken by Wayne Hennessey.
29:20 Robin van Persie sends in a cross, Aaron Ramsey takes a shot. Save made by Wayne Hennessey.
27:30 Assist on the goal came from Francesc Fabregas.
27:30 GOAL - Ronald Zubar:Wolverhampton 0 - 1 Arsenal Ronald Zubar puts the ball into his own goal from 6 yards. Wolverhampton 0-1 Arsenal.
27:23 Corner from right by-line taken by Francesc Fabregas.
26:52 Free kick awarded for a foul by Ronald Zubar on Robin van Persie. Free kick crossed right-footed by Francesc Fabregas, clearance
by Jody Craddock.
26:11 Free kick taken by Manuel Almunia.
26:11 Booking Sylvan Ebanks-Blake receives a yellow card for unsporting behaviour.
25:37 Nenad Milijas takes the inswinging corner, Sylvan Ebanks-Blake is adjudged to have handled the ball.
25:02 Kieran Gibbs concedes a free kick for a foul on Kevin Doyle. Free kick crossed left-footed by Nenad Milijas from right channel,
clearance made by Aaron Ramsey.
24:14 The ball is delivered by Kevin Doyle.
23:37 Substitution Alexandre Song Billong is brought on as a substitute for Vassiriki Diaby.
22:41 Free kick awarded for a foul by Andrey Arshavin on Nenad Milijas. Nenad Milijas crosses the ball from the free kick left-footed
from left wing, clearance by Robin van Persie.
19:26 The referee blows for offside. Direct free kick taken by Manuel Almunia.
17:20 Shot by Kevin Doyle. William Gallas gets a block in.
16:43 Andrey Arshavin gives away a free kick for an unfair challenge on Richard Stearman. Nenad Milijas takes the direct free kick.
16:32 David Edwards delivers the ball.
15:22 Unfair challenge on Richard Stearman by Bacary Sagna results in a free kick. Wayne Hennessey restarts play with the free kick.
14:55 Effort from 35+ yards by Jody Craddock. Save made by Manuel Almunia.
13:59 A cross is delivered by Nenad Milijas.
12:01 The referee blows for offside. Free kick taken by Wayne Hennessey.
11:22 Foul by Vassiriki Diaby on Segundo Castillo, free kick awarded. Karl Henry restarts play with the free kick.
10:57 The official flags Andrey Arshavin offside. Wayne Hennessey takes the free kick.
9:25 Corner taken left-footed by Nenad Milijas to the near post, Headed effort from inside the area by Sylvan Ebanks-Blake misses
to the left of the goal.
9:25 Booking The referee shows William Gallas a yellow card.
8:51 Richard Stearman challenges Andrey Arshavin unfairly and gives away a free kick. Direct free kick taken by Bacary Sagna.
6:37 Thomas Vermaelen fouled by Kevin Doyle, the ref awards a free kick. Direct free kick taken by Manuel Almunia.
Correction - 5:53 Outswinging corner taken left-footed by Nenad Milijas, Kevin Doyle takes a shot. Clearance made by Kieran Gibbs.
5:53 Nenad Milijas takes the outswinging corner, Kevin Doyle takes a shot. Save made by Manuel Almunia.
5:18 Ronald Zubar sends in a cross, clearance by Bacary Sagna.
1:32 Free kick awarded for a foul by Jody Craddock on Robin van Persie. Direct free kick taken by Manuel Almunia.
0:44 Foul by Robin van Persie on Ronald Zubar, free kick awarded. Wayne Hennessey restarts play with the free kick.
0:00 The game begins.
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