This is a great day hike and the view at the peak (one of highest in the park) is spectacular. Going 360 degrees, you can see: Canyon Valley, Williwaw Valley, O'Malley, Flat Top, the Chugach Mountains, the Kenai Mountains, the Anchorage Bowl, Cook Inlet, Mt. Susitna (Sleeping Lady), the Alaska Range, and the Talkeetna Mountains.
The Mountain itself resembles a huge bowl (almost like a moon crater). Some people walk along the ridge around the whole perimeter.
If you have some time in Anchorage, I heartily recommend this hike. I think this is one of the best day hikes in the immediate Anchorage vicinity.
Once you pass the creek in the lower valley on the way to the trail, there is no water anywhere. Bring an adequate supply with you.
There are a whole lot of criss-crossing trails before you get to the Wolverine Trail proper from the Prospect Heights Trailhead. You basically want to head down the valley over the bridge, then curve around and back up. You should see the sign on the right as as you level off.
If you're half way up and feel you can't make it, you have the option of just hiking the moraine on your right or if Wolverine seems too daunting, head further along the Prospect Heights Trailhead, and hike to Near Point.
The Prospect Heights Parking Lot requires a $5 parking fee (bring exact amount). The price for an annual parking pass is $60. You can purchase a pass at the Federal Building at 4th and F or the Atwood Building on 7th and E, 13th Floor.