A stretch of the A41 in Bilston was closed for much of Saturday as a result of the collision, which involved an Audi and a BMW and happened at around 4.40am.
Police, paramedics and firefighters were all sent to the crash scene at the junction of Mount Pleasant and the A41 Lichfield Street/Wellington Road.
WATCH: Video shows aftermath of crash
Two fire crews were called and cut two the women free from the white Audi, which ended up on the pavement on the corner of the junction on top of a traffic light pole knocked completely out of the ground.
Both were taken to hospital but the full extent of their injuries is not yet known, a West Midlands Police spokesman said.
Meanwhile debris was left scattered across the junction and the BMW ended up 20 metres away with its front end resting against the Classic Furniture shop.
Tajinder Kaur, the manager of Classic Furniture, said the store was still open and trading despite the damage to the outside of the building.
He said: "The damage is what it is and we'll get it looked at. We just wanted to make sure that the people involved are ok after the accident."
The road was closed throughout the morning as collision investigators examined the scene, with the 25, 79 and 82 National Express buses being diverted as a result.
The damaged cars were recovered at around 1pm, clearing the way for the roads to be reopened.
Interactive map of the area:
A West Midlands Police spokesman said: "We were called at 4.40am to reports of two cars being involved in a collision at the junction of Lichfield Street and Mount Pleasant.
"Two people were freed and taken to hospital from one of the cars and there were two people who were described as walking wounded."
West Midlands Ambulance Service has been contacted for comment.