The phrase wolf ticket is a corruption of woof ticket, an African American slang expression for the practice of verbal intimidation, "sellin' (or passin' out) woof tickets," that was misinterpreted. Over time, the misnomer has become accepted terminology in some quarters.
Woofing (woofin')," like "signifyin" and "talkin' trash," is part of the African American oral tradition. The term is derived from the onomatopoeic expression of the sound of, for instance, a junkyard dog barking to ward off potential intruders.
"Selling wolf tickets" is the act of engaging in threatening or intimidating verbal aggression, usually without the intent of doing actual physical harm. In West African and African-American cultures, verbal sparring and physical displays traditionally were employed as proxies for physical violence to preserve life and maintain peace and order. Woofin' also can be a means of "calling someone out," of challenging an opponent to a verbal or physical match.
Examples of use:
“Well I pulled on trouble's braids and I hid in the briars out by the quick mud stayin' away from the main roads passin' out wolf tickets...“ Tom Waits, from the song "Trouble’s Braids"
"Niggaz be sellin mo' wolf tickets than fake autographs on eBay" E-40, from the song "They Might Be Taping"