How to set CSS hover effect, on parent and child elements

what about this?

.wrapper:hover .title {
    background-color: blue;
}

Yes, you can do this. It's just:

.wrapper:hover .title {
  background-color: #f00;
}

EDIT:
Please note that IE6 recognizes :hover only on a-elements, so this won't work - but i hope you don't have to mess with that crappy old thing.