Speaking to The Independent, the 64-year-old rocker reminisced over drug-fuelled jams with Ronson's father Laurence.
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Wood explained: "I helped raise him! Me and his dad Laurence used to stay up late round at Laurence's house and this little kid would be on the stairs.
"We'd be playing music and getting high and this little kid would be clocking it, and it was little Mark.
"Years on down the road there was this huge star, good-looking guy, and it turned out to be little Mark! 'Come and sit on my lap', it used to be."
Record Collection guitarist and producer Ronson is now a Brit Awards winner, and reached number two in the UK singles charts with a reworking of The Smiths classic 'Stop Me If You Think You've Heard This One Before'.
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Watch the video of 2007's 'Stop Me' below: