I don't think that love, true romantic love, really ever goes away.
It is totally fine to be in love with two people at the same time; lots of people are and lots of people act on it.
I think, however, that if you DO decide to act on it, then it is up to you to talk to your wife, otherwise I feel like it is cheating.
So to wrap up, yes, I think it's okay, no, I do not think you're wrong or crazy to be having these feelings, and yes, you need to talk to both your friend and your wife.
Just don't spring it on her. She might freak out. Give her a little time to figure out what's going on before you say anything to her. Drop hints, maybe, or leave something open on your computer that's going to make her think about the issue.
Just my two cents. Have a nice day!