The energetic midfielder completed his move from Arsenal on Saturday on a deal until the end of the season and could make his debut in Monday's Barclays Premier League clash with Chelsea at Molineux.
Frimpong has made his breakthrough at the Emirates this season after a cruciate ligament injury held up his progress at the start of the 2010/11 campaign and has already made 14 appearances for the Gunners this term.
Wolves will also have another new face in the squad, with Iceland international Eggert Jonsson, who can play in midfield or defence, available for the first time after agreeing a permanent move from Hearts last month.
McCarthy told www.wolves.co.uk: "I'm delighted the deal is done with Emmanuel and he's available for Monday because we need fresh players. We'll be continuing to try and get players in but I'm delighted with the business we have done so far.
"Eggert is an international who has played a lot of games and has more improvement in him and Manny Frimpong is a really great signing for us.
"He's a terrific young player and an exciting prospect. He is an all-action, tough-tackling midfield player who can get about and pass it. I watched him against Manchester City and he got box to box and his career is blossoming.
"He should be a fabulous signing for us. It's good to get people in here for the first games because if you wait until the end of January it's another four or five games gone."
Frimpong is confident his playing style, which saw him earn a red card on only his second appearance in the Barclays Premier League against Liverpool in August, will see him fit in well to a Wolves team fighting to stay out of the bottom three.
The 19-year-old said: "It's an opportunity for me to get more games. I'm just coming here to add more quality to the team, hopefully, and I can't wait to get started.
"I'm just happy to be here and excited about my new challenge. I'm a player that likes to fight, that likes to do everything for the team to win.
"I've played quite a few games already this season so it's been a quick step up for me and I've learned a lot during the season and hopefully I can bring something different to the squad here."
The teenager knows he will have to hit the ground running if he is selected for Monday's game, with Chelsea looking to bounce back from Saturday's shock home defeat by Aston Villa.
Frimpong added: "It's a tough game to come into but that's what I'm here for, to play against teams like Chelsea, and if I'm selected I'll be looking forward to the challenge."
Wolves did beat Chelsea at home last year and go into the match sitting two points above the relegation zone after salvaging a point against Bolton on Saturday.
McCarthy's side were second best to their fellow strugglers in the first half at the Reebok Stadium but responded after the break and levelled matters through Steven Fletcher.
It was the Scot's eighth goal of another impressive season, and his manager feels it is about time he had some support from his team-mates.
McCarthy said: "I'm delighted with him. He scored the goal that matters for us and it's about time we had somebody else helping him out. Maybe a centre-back or a winger or a midfielder might put one in the net and take a little bit of pressure off him."
Fletcher will play on Monday despite taking a knock at Bolton while Dave Edwards (illness) could come in after managing 45 minutes but Ronald Zubar (knee) is set to miss out and Nenad Milijas is suspended.