Last month I had a dream involving a wolf, and what it represented in my dream was something risky that I was considering in waking life.

Why it took the form of a wolf in my dream was because of the history of wolves. They have always been dangerous to humans, yet from them we bred the dogs that have greatly benefited humans. Therefore the wolf in my dream represented that potential of what I was considering. It had the potential of making things worse for me, but it also had the potential of greatly enhancing my life.

Like you, in the dream the wolf was walking towards me and I was afraid. I didn't know if I would be able to get away or not if I ran. The wolf itself was not snarling or anything, so I didn't know what exactly it was planning to do.

Do you remember what was going on in your life around the time of that dream? I would think that there is significance to you having seen playful and nice wolf pups while outside the party. If you experience social anxiety (I don't know if you do or not?) it could mean something like you wish to be a part of that play (as in a part of the party), except that those anxieties always block you (the large wolf appearing), making you feel invisible (ghostly) or totally alone and unfulfilled (dead).

That would be my own interpretation if I had dreamed it, since I experience social anxiety, but depending on your circumstances it could be totally wrong. However, the wolves in your dreams could represent that potential danger/benefit if they are frequently appearing around certain themes.