Perhaps the Bard and paladin could focus on dropping some of these Wolves before they act? Maybe then the cleric can heal the Paladin (before the giants next turn), the wizard can take down a giant or mop up the wounded wolves, and then the paladin can get to smiting the Frost giant leader to death (with some help from the Rogue).
The paladin is a soft target. He's likely to die fairly quickly. I'm not sure healing will be well spent on him other than pop up healing.