A dramatic own goal from Fulham's Liam Rosenior handed Southampton a share of the spoils in an entertaining battle.
Fulham led when Papa Bouba Diop headed in from Mark Pembridge's free-kick.
From the restart Fabrice Fernandes crossed for Kevin Phillips to head Saints level and the striker edged them ahead with a fine individual effort.
Steed Malbranque restored parity with a miscued shot and Tomasz Radzinski fired them in front, only for Rosenior's attempted clearance to deny them.
Southampton went into the game still looking for a first win under manager Harry Redknapp.
The Saints boss opted to throw son Jamie Redknapp straight into the side after his arrival from Tottenham.
The home side had the first effort on goal when Danny Higginbotham played a deep cross from the left which Peter Crouch won in the air but it was too close to Edwin van der Sar.
They went even closer when Diop swung wildly at a clearance and sent it spinning just over his own crossbar.
Diop showed more composure at the other end in opening the scoring for Fulham against the run of play.
Anders Svensson fouled Rosenior and Pembridge swung in a free-kick that Diop headed home.
Southampton equalised immediately from a hopeful long ball forward.
Zat Knight appeared to cut out the immediate danger but his header dropped for Fernandes to volley into the centre where Phillips, who looked marginally offside, powered past Van der Sar.
Southampton took the lead eight minutes later when Redknapp won possession in his own half and fed Crouch.
Crouch found strike partner Phillips and the Saints skipper turned Zesh Rehman before running at Knight and curling the ball into the bottom corner.
Fulham got back on level terms two minutes before half-time.
Redknapp made his debut for the Saints
Rory Delap failed to clear a cross and the ball came back in for Luis Boa Morte who drilled in a shot that Antti Niemi did well to keep out.
Unfortunately for Southampton, Malbranque was first to the rebound and despite mis-hitting his shot into the ground it escaped a number of Saints players on the line and found its way into the net.
Less than five minutes after half-time the game swung again when Fulham reclaimed the lead.
Redknapp was clattered by Boa Morte and the referee allowed play to carry on with Pembridge taking up possession.
He slipped a perfect pass for Radzinski, who could have taken a touch but instead shot first time into the bottom corner for his fourth goal in five games.
Andy Cole twice went close to a fourth Fulham goal, first shooting wide and then having a shot denied by Niemi.
From the resulting corner Knight missed a glorious chance to give them some breathing space but he headed just over.
Collins John missed an even easier chance from six yards from the resulting corner but his effort was cleared off the line by a combination of Anders Svensson and Niemi.
The Cottagers were made to pay for their misses when Southampton levelled through the unfortunate Rosenior, whose attempted clearance flew off his shin and into the bottom corner of his own net.
Southampton had shouts for a late penalty but, while a point does little to help either side, neither side deserved to finish a loser.
Southampton: Niemi, Telfer, Lundekvam,Davenport (Jakobsson 84), Higginbotham, Anders Svensson, Delap,Redknapp, Fernandes (McCann 44), Phillips, Crouch.
Subs Not Used: Smith, Cranie, Ormerod.
Booked: Redknapp, Phillips.
Goals: Phillips 21, 29, Rosenior 71 og.
Fulham: Van der Sar, Rosenior (Fontaine 90), Rehman, Knight,Bocanegra, Malbranque, Diop, Pembridge, Boa Morte,Cole (McBride 90), Radzinski (John 61).Subs Not Used: Clark, Crossley.
Booked: Rehman, Cole.
Goals: Diop 20, Malbranque 43, Radzinski 50.
Ref: G Poll (Hertfordshire).