The defender put his head literally where it hurts to power in Michael McIndoe's 61st minute free-kick.
But he clashed with Southend defender Efe Sodje in the process and stayed down as his team-mates celebrated.
He was eventually taken off on a stretcher, fully conscious, but with blood pouring down his face from a cut above his left eye.
The goal brightened up a game that looked set to drift into a meaningless goalless draw. The opening 45 minutes were dire as both sides gave the ball away cheaply in midfield.
Southend striker Freddie Eastwood had the only meaningful shot on goal when his effort from 12 yards flashed just over the bar.
Wolves should have grabbed the lead on 24 minutes when McIndoe, making his full debut following his on-loan switch from Barnsley, raced clear of the home defence.
But he declined the opportunity of a shot on target in favour of a pass to Jemal Johnson, only for his square ball to skew well in front of the waiting striker.
McIndoe's day didn't get any better at the start of the second half when he somehow failed to find the net from just four yards after Jay Bothroyd had got the byline.
His pull-back was perfect, but McIndoe could only fire against the post with Southend keeper Darryl Flahavan totally exposed.
Luckily for McIndoe, he then supplied the ball for Craddock's goal as Southend extended their miserable winless run to 17 games.