I hand wash my wool hose in the sink - cold water with Woolite, let the hose soak in it for a while, then kind of swoosh them around (no agitation). Finally, I squeeze most of the water from the hose, roll them up in a towel for a while to soak up any remaining water, and dry them flat for a day or so on a net designed to dry sweaters. This results in no shrinkage and clean hose with no deterioration of any colors.

Regardless of technique, the main idea is to clean any dirt, sweat or skin oils from the wool. These can cause deterioration of the wool fibers and eventual wear-out of the hose.