Wolves 2 (Ebanks-Blake 61, 88)
Southampton 2 (Vignal-pen 73, Euell 90)
A Jason Euell goal deep into stoppage time ended Wolves hopes of a third successive victory after a brace from Sylvan Ebanks-Blake had twice seen Wanderers take the lead.
With Mick McCarthy reverting to a 4-4-2 formation for the visit of the Saints, Matt Jarvis returned and there was a start for Kevin Kyle. Kevin Foley was named at right-back with Darren Potter, Michael Grey and the injured Jody Craddock the players missing from the side that had started at Colchester.
Before the start an immaculately observed minute's silence was held in memory of former Molineux coach Karl Hoddle who had passed away suddenly at the age of just 40.
Inside two minutes Stephen Elliott scooped a shot over after Ebanks-Blake had run onto David Edwards through pass and supplied a low cross.
Wayne Hennessey saved a 20-yard drive from Mario Licka and then the keeper needed two attempts to take a low, driven cross from John Viafara.
Gary Breen was yellow carded for tripping Marek Saganowski and, after the free-kick was played back to Inigo Idiakez, the Spanish midfielder blasted his shot into the defensive wall.
Kelvin Davis did well to pluck George Elokobi's swerving centre out of the air, and Ebanks-Blake tried a snapshot from 25-yards out that sailed high over the bar.
In the 20th minute Edwards broke into the Southampton box but his pull back went just behind the inrushing Ebanks-Blake and Jarvis.
Idiakez limped off in the 28th minute to be replaced by Euell.
From a Jarvis centre, Kyle nodded down to Ebanks-Blake but Wayne Thomas cleared before the striker could get in a shot.
A disappointing first-half ended with a Jarvis corner that was cleared by the Southampton defence.
Half-Time: Wolves 0 Saints 0
The visitors changed keepers at the interval with Michael Poke coming on for Davis who had suffered a dislocated finger.
Karl Henry's 30-yard strike hit a defender and bounced to safety before Elokobi needed treatment after talking a bang in the face.
Saints' skipper Andrew Davies was only a fraction too high with a dipping shot from 15-yards before Ebanks-Blake drew ironic cheers from the home fans with a shot that was easily claimed by Poke.
Kyle fired into the side netting from an acute angle just before he was replaced by Andy Keogh with Potter replacing Henry at the same time.
Almost immediately, with 61 minutes gone, Wolves took the lead. Ebanks-Blake took a long through pass from Foley and muscled his way past two defenders before lashing the ball into the net.
Hennessey had to be at his best to turn away Euell's drive from the edge of the box but, in the 73rd minute, Southampton drew level through a controversial penalty.
David McGoldrick looked to be outside the area when he went down under a challenge from Foley. It didn't even look like a foul but the referee pointed to the spot with Gregory Vignal netting the penalty.
In the minutes that followed Licka was booked for time wasting and Vignal for a foul before Southampton were reduced to ten men after Vignal appeared to flick a foot towards Ebanks-Blake and was shown the red card.
Freddy Eastwood, on as a substitute for Elliott, ran past three defenders to the by-line but stumbled as he crossed allowing Poke to gather the ball.
But, in the 88th minute, Ebanks-Blake struck again with what looked like the winning goal. Elokobi fired in a terrific cross from the left and Keogh nodded the ball back for Ebanks-Blake to hook the ball home from inside the six-yard box.
But Wolves were undone in the final of the four minutes of added time when Euell rose unchallenged to head home Licka's corner.
Wolves: Hennessey, Foley, Elokobi, Henry (Potter 60), Collins, Breen (capt), Jarvis, D. Edwards, Ebanks-Blake, Kyle (Keogh 60), Elliott (Eastwood 79).
Unused subs: R. Edwards, Stack.
Booking: Breen (10 - foul).
Southampton: Davis (Poke 45), Thomas, Saganowski (McGoldrick 62), Wright, Licka, Viafara, Vignal, Idiakez (Euell 28), Safri, John, Davies.
Unused subs: Wright-Phillips, Gillett.
Bookings: Vignal (79 - foul), Licka (83 - time wasting).
Sending-Off: Vignal (81 - violent conduct).
Referee: C.H. Webster.
Attendance: 21,795.
Goldrush Lucky 4 Half-Time Draw v Southampton: 3 - 15 - 16 - 17.
