I think that they should draft the best as they can in this year draft, and by adding a true and talented SG who can also play the PG like Smush Parker who just got waived from the Los Angeles Lakers they will reach the playoffs with no problems, all they need to do is to get rid (waived) Marco Jaric and to aim their bench by/with adding some good size SF like Lee Nailon and some other better players than these who play with the team this year.
my best roster that should fit the Wolves:
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PG: Randy Foye
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SG: Smush Parker
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SF: Ricky Davis (with Lee Nailon as his replacement)
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PF: Kevin Garnett (or the one who will replace him if he will get traded - Bracey Wright as a replacement)
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Center: an experinced NBA player like Eddie Griffin who got waived this year or who ever is soield and strong like him or even more or if it will have get rugh they should think of leting this role to a Rookie from the NBA Draft.