Wolverine survives for a couple panels simply due to his Marvel Popularity.
Thing knocks him back to Canada if he wants.
Torch....anybody remember that scene from Indiana Jones Raiders of The Lost Arc, when they open the Arc and the Nazi's face melts...yea thats what would happen.
Wolverine can't cut Reed, its been proven on multiple occasions. Reed can't be cut by any object apparently. Not wolverine, not even Terax's axe which can "cleave an electron from it atomic orbit" can cut Reed. Reed could enter his body and really F-him up, turn his body to spikes and make a mess out of him, or just shoot him with some crazy gun he's either got lying around or just builds.
IW...this isnt even worth explaining...but Wolverine will end up either in orbit or in the Earth's core.