You may only file a Form I-130 on behalf of your wife at this time. She is not eligible to seek adjustment of status as her priority date is not current. The filing of a Form I-130 does not provide your wife with any authority to remain in the United States. Your wife's failure to comply with the terms of her F-1 visa will mean she has failed to maintain her status. She would only be able to adjust her status when you become a United States citizen. You can click on adjustment of status to find more information about the process.
Answered on Nov 13th, 2015 at 1:22 PM