The elastic energy per unit volume (also called strain energy density) stored in a stretched wire is given by:
\[
U = \frac{1}{2} \cdot {stress} \cdot {strain}
\]
The stress \( S \) is defined as:
\[
S = Y \cdot {strain}
\]
where \( Y \) is the Young's modulus of the material.
Thus, the strain is \( \frac{S}{Y} \), and the strain energy per unit volume becomes:
\[
U = \frac{1}{2} \cdot S \cdot \left( \frac{S}{Y} \right) = \frac{1}{2} \cdot \frac{S^2}{Y}
\]
Hence, the correct answer is (C).