Wolf Spiders are the common name for the Lycosidae family of spiders. They don't catch prey in webs, but hunt them down, running rapidly along the ground. As with many insects, there are many species within this family (I'm not sure which this one is).

Wolf Spiders carry their eggs in a sac. The following two photos show the sacs, which tend to be shades of cream or blue depending on the species.

Once the eggs hatch, the Wolf Spider actually carries its babies (spiderlings) around for several weeks until they are fully developed. If you look carefully you can see the spider's eight eyes arranged in three rows - four at the bottom, then two in the middle and two at the top.