Wolverine dies easily.
Iron-Man is one of the strongest and most powerful of the
Avengers. There is no way he would lose to a guy with
nothing but hand claws and super-smell.
Three ways for Iron-Man to win:
-Hits Wolverine with laser blast, frying off all his flesh.
-Carrying Wolverine, dropping him in an ocean or
a volcano, or leaving him up in space.
-Punches Wolverine, knocks him out long enough to
do any of the above.
Oh, and adamantium is not indestructable! To say
that is to say that someone like Galactus would not be able
to bend or shatter a piece of adamantium, which is silly.
One must also look at the size and thickness of the piece
of adamantium discussed. The layer of adamantium around
Wolverine's bones is very thin, probably no more than 1 cm
or so. The idea that the Hulk cannot bend 1 lousy cm of
adamantium is nonesense.
One more point, in the "Age of Apocalypse" story-line,
Cyclops was able to cut off one of Wolverine's hands with
a full eye-blast, so obviously adamantium isn't so
indestructable, though again, as stated above, Wolverine's
adamantium layer is very thin.