Jason Euell's 94th-minute header dramatically rescued 10-man Saints a deserved point at Wolves tonight.
Saints were in danger of slipping to within three points of the drop zone last night - but Euell's late leveller, coupled with Kevin Phillips' equally late winner for West Brom at Sheffield Wednesday, saw them move five points clear instead.
Sylvan Ebanks-Blake put Wolves ahead with a powerful strike from the right side of the area, before Gregory Vignal levelled from the penalty spot.
The Frenchman was sent off late on for two bookable offences, and the visitors looked set to pay the price when Ebanks-Blake fired in his third goal in four days.
There was still time for one last twist, however, as Euell rose to meet Mario Licka's corner and powered a header into the top left corner.
Kevin Foley, Matt Jarvis and Kevin Kyle returned to the Wolves side, while Saints manager Nigel Pearson named the same team which held Ipswich to a 1-1 draw at the weekend Ebanks-Blake was Wanderers' most dangerous player throughout, and just two minutes had passed when he charged clear down the left and cut an inviting ball back across goal in the direction of Stephen Elliott.
The Republic of Ireland international, again playing on the right wing, opted to take it first time on his weaker left foot and skewed his shot high and wide.
Wolves goalkeeper Wayne Hennessey began particularly nervously.
First he spilled a long-range effort from Licka only to reclaim it at the second attempt and moments later he failed to deal convincingly with Jhon Viafara's cross.
One rare opportunity had the home support off their feet as David Edwards pulled the ball back across goal from the byline, but it was behind the onrushing Matt Jarvis and Ebanks-Blake - much to the latter's frustration.
The visitors, who were 6-0 winners at Molineux last season, threatened when Viafara sent in a dangerous ball from the right but Gary Breen was alert to the danger.
It was no surprise to see substitute strikers Andy Keogh and Freddy Eastwood warming up on the touchline, and both sides were left in no doubt what the supporters thought of the opening 45 minutes when they were booed off at the half-time whistle.
Saints, who have not lost at Molineux for 29 years, had to make a second change at the break when goalkeeper Kelvin Davies was deemed unfit to continue - so deputy Michael Poke stepped in for his Saints league debut.
There was ironic applause when for the home side when Ebanks-Blake registered a rare chance on target, and McCarthy responded soon afterwards by bringing on Keogh and ex-Saints loanee Darren Potter for Kyle and Karl Henry.
However, the goals soon began to flood in.
Wolves went ahead when Ebanks-Blake stole in ahead of his marker to smash home his 17th goal of the season in the 61st minute.
The lead was to last just 14 minutes, as former Liverpool defender Vignal lashed a penalty past Hennessey after Kevin Foley had clipped substitute David McGoldrick's heels inside the area.
Vignal turned from hero to villain when he received his marching orders soon afterwards for a second bookable offence.
Ebanks-Blake seemed certain to have won it by volleying home from inside the six-yard area with two minutes remaining - but Euell popped up deep into injury time to silence the home support.
For the best match coverage, don't miss tomorrow's Daily Echo.
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