You can have as many as 5 wedges or 5 woods as you can swap them out as you see fit. I often load up with wedges, especially in Closest to the Hole style contests. There is no right or wrong, but if you look at the bags of the best players, you'll notice most do not use a hybrid in favor of 3 wedges...sometimes 4 after dropping the 3W. What ever you do, be sure to check your bag before the next round to make sure you have what you need.
Joey