"Wolverines" refers to the name of the football team, and later guerilla group on 'Red Dawn.' It is used sarcastically, often in conjunction with a mixture of exclamation points and 1's, to signify that an overly jingoistic, gun-loving nut on a forum is out of his mind. The term is also used to poke fun at guerilla masturbation fantasies.
Guy 1: OMG (issue of the day) happened! Let's all get into our 1980's, rusted pickup trucks with our deer rifles and play soldier in the woods.