I deep fry the wings, but that is a hassle, plus the oil will cost you money. Perhaps you ought to try some of the other poster's suggestions for preparing the wings without deep frying. If you do deep fry, canola is not your best bet. If you don't, remember to season the chicken with some salt and pepper.
I think Frank's Hot Sauce is the ideal base for your coating. Melt a bit of butter, maybe 2T in a small pan. Add 1/2 cup Frank's, 2t cider vinegar, 1T dark brown sugar, and then add Tabasco or some type of Habanero sauce to taste. If you use Habanero, don't put in more than 1T, unless you are convinced you like volcanic food. Just melt it all nicely together.
Once your wings are crispy, coat them in some sauce at the last minute and immediately gobble down. Use extra sauce for dipping.
Nice with celery sticks and some type of cool dressing, like ranch or blue cheese.