James Henry put Wolves ahead after 25 minutes with a deflected shot but Billy Clarke levelled within a minute and Matt Tubbs hit the winner with his seventh goal in eight appearances since rejoining the Red Devils on loan from Bournemouth.
This was the first time that Wolves have lost since a single goal defeat at Gillingham on January 3 and Jackett said: "We didn't do enough.
"It was disappointing to lose but we didn't create enough chances and we just couldn't adapt. We have to learn from this - it was a game that passed us by.
"We found it difficult. Our usual passing and passing range was difficult and we couldn't move the ball as we usually do.
"At times our shoulders slumped and that's not the way to go. In terms of adapting to every single condition the game, particularly in the second half, passed us by."
Jackett felt Crawley played the conditions better than his side and caused problems with getting the ball in behind his defence.
He added: "It's important to bounce back. We tried different ways but unfortunately it didn't work.
"We found it hard to move the ball forward and Crawley broke off our bad play.
"They were disappointing goals for us to concede. Crawley put the ball down our left a lot and tried to get in behind us."
Crawley first team coach Guy Whittingham felt the result ranked as one the best since he came to the club under manager John Gregory.
He said: "The result shows the capabilities of what we have at Crawley."
Crawley are now 12th - and 12 points outside the play-offs - but Whittingham believes they can make an impact in their remaining matches with games in hand.
He added: "Who is to say what will happen? We have had decent results since we've been here and to beat Wolves is a big boost for us psychologically and also for other sides playing Wolves.
"It's a fantastic result and the players need the congratulations.They did it - they ran, they hustled and when they got the ball they played some good football.
"Tubbs was in the right place at the right time and he is a finisher. We scored two quite quickly and it put Wolves on the back foot. You need to do things quickly against them."
- Sports & Recreation
- Matt Tubbs