Marvel 's Scariest Wolverine Cover Ever

Admittedly,  I do not read Wolverine all that often.  Not that I don't like him as a character, but mainly because there are just too many titles.  As a novice Wolverine reader I am confused when it comes to the continuity of this character and his relationship with the X-Men and the Marvel Universe.  Similar to what DC is doing with Batman.

"What If? Wolverine: Father" cover by Leinil Francis Yuonly only adds to my confusion.  Not that the art isn't wonderful but my Lord this makes this character even more confusing for a non-die-hard fan. 

Could that kid be anymore scary?  Freakin kid is like something out of a John Carpenter or Wes Craven movie. I thought "Child's Play" was scary, but Chucky's a light-weight compared to this thing.