Battle takes place in a wide open arena. No obstacles. Wolverine and Wraith will start 50 feet apart. No prep, but they each know that the other has a healing factor. Wraith has his polymorphic weapon that can turn into other weapons like a gun, whip, and blade. Since neither of them can die, wins are by KO or submission. No BFR.
If you haven't read Annihilation Conquest (which you should because it is great), here is a wiki on Wraith. Make sure you scroll down to the Zak-Del Wraith. http://en.wikipedia.org/wiki/Wraith_(Marvel_Comics)