Heat grill to medium. In a small bowl, combine preserves, lime juice, hot sauce & red pepper flakes.
Season chicken with 1/2 tsp black pepper & grill, covered, turning occasionally 10-15 minutes. Uncover & continue grilling, basting with sauce until chicken is cooked through, 5-7 minutes more.
Bring a large pot of water to a boil. cut each ear of corn into 3-4 pieces. Add corn to pot with 2 tsp salt & simmer until just tender, 3-4 minutes. Drain, transfer to platter & serve with chicken & lime wedges.