Personally, "Wet Wolfy" reminds me of bad weather and a smelly young dog. None of which constellates up to a bar on a spaceship.
Maybe it is the "Wet" and the y-ending of "Wolf", which makes it sound less attractive to me.
"The Squid" would be a much more remarkable name, then again, so would "The Wolf" or "Wolfs Shank" or whatever.
Modifying it with your first iteration: "Wet Squidy" would still sound better to me personally, as there is no smelly dog in the picture.
Another example: "Wet Ass" sounds horrible, whereas "Rocksolid Ass" is a totally different story. No one normally wants a wet ass or a wet dog.
As this is your idea, i think you should like it. If you like wet wolfs, there is not much to say anyway :).