The Wolcott is an unknown wooden schooner. This wreck was found and named by charter boat captain, Jay Porter on the day that Jersey Joe Wolcott beat Joe Louis in boxing's title match.
This wreck was formerly thought to be the Yankee. However, the "G&D" was identified as the Yankee, leaving this wreck unidentified. It consists of engine, boilers, driveshaft, and propeller, and is reputed to be a good lobster wreck.
The first thing about catching a lobster is don't be too afraid of it. Small lobsters - restaurant-sized 1-2 pounders - are not strong enough to really hurt you. Wear a good heavy pair of gloves, and their pinch may be painful, but not damaging. Larger lobsters deserve more respect, because they certainly can hurt you. Really big ones could even break bones. I had a big one once bite me so hard it gave me nerve damage in my thumb. I boiled him personally, and the numbness and swelling went away after a few weeks.