Q:

If Wolverine broke a bone which protruded his skin, what would happen if he started to heal before it was set and splinted?

In X-Men Origins: Wolverine we see that Wolverine’s bones can be broken in the fight between him and Sabretooth.
So if he was to suffer an injury (let's say a very high fall) and broke his leg and the bone snapped and came through the skin (an open break), what would be the effect of his healing powers if the bone wasn't reset and splinted?

A:

Wolverine can regenerate fully. That means while he has even a single cell alive, he can regenerate from it. This already happened once. A single cell will re-create his skeleton, muscles, and skin.
That means a single cell knows how Wolverine is, and every cell retains his "blueprint" so to speak. 
In your case, I'm guessing that would also mean his body would pull itself together. The bone would adjust to the right place, and the muscle and skin heal shut. But this raise worm-split-in-half questions.
I'm discussing Wolverine at the peak of his mutant powers. It's usual for his powers to vary greatly from author to author. Hulk split Wolverine in half once, and threw his legs hundreds of miles away. In that universe, Wolverine had to crawl over to them to fuse and heal his lower body.

