Yes, except that sheep are a valuable resource to the wolf; eating them is not quite the same as a punishment. If sheep were an organized society, the value of punishment by some AI overlord would be very context-sensitive, making it unpredictable, I think.
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The problem is that once the wolf is inside the gates, it has no more incentive to care about its promises and threats. Since this is not a repeated game, the wolf is not going to reward or punish you, but simply eat you.
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There is probably nothing that humans can do that a general AI is not going to be able to do better. There is no intrinsic reason for an AI to care about whether we stick around. We will need to hack it better than it can hack itself or us.
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