The character names haven't stabilized yet. The dogs here are Ralph (day shift) and Fred (night shift) or maybe vice versa (the names are reversed at the beginning and end); the wolves are George (day) and Sam (night).
The difference between the wolf character and his wily coyote (!) cousin is the color of the nose and the occasional glimpse of his sharp (presumably) canine incisors. Both antagonists make use of the Acme Products Company, however.
The two dogs are distinguished by the color of their facial covering - one red, one black, just as the two wolves can be distinguished by the color of their noses - again, one red, one black.
The title is a play on the phrase 'Ship ahoy!' that a lookout in the crow's nest of a ship (before all the technology, such as radar, was invented) would shout when another ship was spotted.