Depends on whether they are fighting in the dream or real world.
In the dream world, Freddy is nigh-omnipotent, so no chance for Wolverine.
In the real world, we can compare Freddy Kruger to a fight between Wolverine and Lady Deathstrike. And let me tell you, Lady Deathstrike would murder Kruger. That said, Wolverine could hang with Deathstrike for at least a bit, and he's shown he can sustain multiple stabs and keep fighting. The same cannot be said for Kruger. Also, I could definitely see Wolvie taking some limbs off, or maybe even his head.
So, Wolverine wins this fight easily for me, perhaps 8-9/10.
In the dream world Kruger has a vast amount of powers, so Wolverine won't just beat him as if he's nothing. Freddy is one of the smartest villains in history, and in the dream world, he controls pretty much everything, so Wolverine is going down. Now, if we're talking the real world, that's a somewhat different story.