These words have been used to describe a variety of characters in works of fiction. There are common ideas which generally present themselves to one type or the other, but realize that nobody really existed who was either of these. So there is no right answer here. There are some things which seem to be common, however.
Wizards are wise and intelligent, and magically seem to be able to do whatever they wish with a gesture. They solve problems by cunning, creativity, or generally thinking outside the box. If you angered a wizard, he would be more likely to get back at you through a practical joke than to kill you. Dictionary: a wise man (sage), one skilled in magic (sorceror)
Sorcerors derive their magic from a control of the world around them or nature's spirits. There is also often an implication of evil. Their power frequently manifests itself in command of fire, control of wind and rain, or the ability to animate elemental forces. If you angered a sorceror, you probably wouldn't last long. Dictionary: a person who practices sorcery (wizard), a person who possesses supernatural powers aided by evil spirits