Wolf pups, because they require so much socialization, cannot be taken from their mother any later than 21 days (and preferably no later than 14). Four the first four months they need to be kept isolated from all adult canines, except for short weekly visits, so that they develop a strong imprint on humans. As pups wolves easily accept dominance from human caretakers, but as adults they are largely unpredictable. The aggression in them is genetic and can never be trained out of them, which means adult wolves can never be fully trusted with children or small animals. They also instinctively feel the need to rise up the pack hierarchy, and so they will try to challenge their owners in order to gain a higher position in what they see as their pack.
Wolves are trainable, however, they are much less responsive than dogs are to fear or force techniques, and consequently they require much more effort to train. They respond best to positive reinforcement and rewards, but simple praise is not enough (as it would be for dogs). It is common for trained wolves to get bored and begin ignoring commands they have responded appropriately to before. There have been mixed results in using wolves as working animals. An attempt has been made to form a wolf sled dog team, which was a complete failure as the wolves would not follow the commands. Another training attempt is being undertaken to establish wolves as tracking animals due to their wonderful sense of smell (which is considerably better than dogs commonly used as tracking animals) and establish a wolf team in the police force.
Although many people would like to adopt exotic pets, and the wolf is often thought of as a big dog, they are wild animals who need (and deserve) to be in the wild. Regardless of how domesticated they may seem and how much their owners love them, their mental and physical needs can only be met out in the wild.
Old Russian proverb:
"You may feed the wolf as much as you like, but he will always glance towards the forest."
Sources:
http://www.springwolf.com/wolves/nature/pets.htm
http://en.wikipedia.org/wiki/Wolves_as_pets_and_working_animals