Outside my amp.

Whats the single most important feature of a guitar for its sound?

Im thinking pickups?

Great pickups would make crap wood sound good but

crap pickups with great wood wouldnt sound as good?

Lots of woulds and coulds ;-)
I've got no idea so im going with the wood like FRDesign, he sounds like he knows what hes doing
Pick-ups, definitely.
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92% of UGers jump on annoying bandwagons. Don't put this in your sig if you're one of the 8% with an opinion.
I'm going to say pickups, they shape your tone more than anything. then wood for giving your guitar natural charecteristics and sustain.
Dissonance is Bliss

Signal Chain:
Carvin CT-4
Ibanez TS-9
Carvin Quad-X
TC Electronics G-Major
Mesa/Boogie 2:90
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Electronics > Woods > Construction (Trem, Set-neck, hollow etc) > Other bits
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In some cases, pickups actually affect the tone more than the amp. Lace Sensors and EMGs are examples, they will sound bad through a bad amp, but they can change the sound more than an amp does.