Although I think wolves are about the most majestic animal going, I would certainly never try to domesticate one or breed it with the domesticated dog.
I found out something interesting about a year ago, and that is that wolves and wolf hybrids supposedly can't be vaccinated for rabies. I guess there is no vaccine that works with that species. I also found out, by virture of the science book from which I teach, that domesticated dogs and wolves are actually 2 different species. They belong to the same genus, but wolves are Canis lupus and dogs are Canis familiaris. I just thought that was interesting and thought you guys might too.