Prepare a charcoal or gas grill for indirect heat. If using a charcoal grill, carefully push hot coals to one side of grill, and close grill lid. Bring temperature to 275°F to 300°F. If using a gas grill, turn all burners to high, and close grill lid. Bring internal temperature to 275°F to 300°F; turn off one side of gas grill.
Wrap applewood chips in an aluminum foil packet, and use a skewer to poke 10 holes through foil.
Pull husks back from corn, keeping husks intact; remove and discard silks. Tie husks together with kitchen twine or a long strip of husk to form a handle for each ear of corn.
Place foil packet with wood chips over coals or lit burner; close lid, and heat until smoke starts to fill grill. Place corn on grate over unlit side of grill. Cover and cook 30 minutes or until corn is tender and kernels are lightly browned, maintaining temperature between 275°F and 300°F. Remove corn from grill. Stir together butter, salt, and pepper; evenly brush over corn.