Jason Euell's 94th-minute equaliser earned struggling Southampton a point at play-off hopeful Wolves.
Sylvan Ebanks-Blake put Wolves ahead with a powerful strike before Gregory Vignal levelled from the spot after Kevin Foley fouled David McGoldrick.
Vignal was sent off for his second yellow card before Ebanks-Blake volleyed Wolves back in front from close range with two minutes left.
But Saints kept battling and Euell headed home a dramatic equaliser.
Wolves boss Mick McCarthy:
"I was raging at the end. I'm devastated that we have thrown two points away, there's no excuses.
"We weren't good but that happens in the Championship and after getting in front it should have been job done.
"Giving away a free header in the box with 30 seconds to go is disgraceful. I can't comment about the penalty because I'll get myself into trouble."
Southampton manager Nigel Pearson:
"What pleased me most is the collective spirit to come back twice and level in the dying seconds.
"That is testament to the spirit in the camp. To come back twice with 10 men and having lost players through injury is hugely encouraging.
"There are things we can do better, but at least we are becoming hard to beat."
Wolverhampton: Hennessey, Foley, Collins, Breen, Elokobi, Henry (Potter 60), Elliott (Eastwood 79), David Edwards, Jarvis, Ebanks-Blake, Kyle (Keogh 60).
Subs Not Used: Stack, Rob Edwards.
Goals: Ebanks-Blake 61, 88.
Southampton: Davis (Poke 46), Wright, Thomas, Davies, Vignal, Viafara, Licka, Idiakez (Euell 28), Safri, Saganowski (McGoldrick 62), John.
Subs Not Used: Wright-Phillips, Gillett.
Sent Off: Vignal (81).
Booked: Vignal, Licka.
Goals: Vignal 75 pen, Euell 90.
Ref: Colin Webster (Tyne & Wear).