Michael Chopra, on loan at Watford from Newcastle, scored four goals as the Hornets and Burnley contested an goal-packed fixture at Turf Moor.
Burnley's Gareth Taylor also scored a hat-trick in what must have been one of the most amazing - and exciting - matches of the season.
Steve Davis grabbed Burnley's other goal, while Wayne Brown, Micah Hyde and
Neil Cox also got their names on the scoresheet for the visitors.
It was Brown who opened the scoring after 13 minutes, heading a Neal Ardley corner past goalkeeper Marlon Beresford.
Two minutes later Burnley were level, Taylor converting a Robbie Blake cross from six yards.
But the Clarets were not level for long, Hyde finding the bottom corner of the net after
collecting Gavin Mahon's centre.
Poor marking from Burnley cost the Clarets another goal, with Cox the grateful beneficiary as he
powered Ardley's corner past Beresford.
Chopra then beat Beresford with a smart finish from 18 yards after a poor pass from Steve Davis handed the opposition possession.
Burnley then mounted a mini-revival.
Davis scored from close range before Taylor registered his second headed goal,
Ian Moore this time the provider.
The end-to-end thriller then saw
Chopra connect with Paulo Vernazza's cross to restore Watford's two-goal
But Taylor, with the completion of his hat-trick, ensured Burnley
went in at the interval with renewed hope, trailing the Hornets 5-4.
Burnley might have restored parity but Watford goalkeeper Alec Chamberlain made superb saves to deny Taylor and Arthur
Gnohere in quick succession.
Chopra completed his hat-trick after 61 minutes, Taylor hit the woodwork for Burnley and Chopra scored again in injury-time to conclude a surreal game of football.
Burnley: Beresford, West, Stephen Davis, McGregor, Branch,
Weller, Grant, Briscoe, Ian Moore, Blake, Taylor. Subs:
Michopoulos, Gnohere, Papadopoulos, O'Neill, Pilkington.
Watford: Chamberlain, Cox, Brown, Mahon, Glass, Ardley,
Vernazza, Hyde, Nielsen, Chopra, Tommy Smith. Subs: Robinson,
Ifil, Hand, Norville, Lee.
Referee: P Dowd (Staffordshire).