Tommy Smith's spectacular equaliser proved crucial as 10-man Watford scraped a Coca-Cola Championship play-off berth after a draw which also ensured Blackpool's safety.
Hornets forward Darius Henderson was sent off on the hour mark after receiving his second yellow card to plunge his side into deeper trouble after Ben Burgess' second-minute opener put the hosts ahead.
But Smith struck two minutes after Henderson's dismissal with a superb low run and shot which nestled in the far corner and ensured the Hornets of a top-six finish - by virtue of their superior goal difference over Wolves.
Aidy Boothroyd's men were relegated from the Barclays Premier League last term and a dreadful run of form in recent weeks severely damaged their hopes of reaching the play-offs.
The Hornets arrived at Bloomfield Road having won just once in their last 13 games - and it showed.
They were second to every ball in the opening exchanges and Burgess' early opener left them with an uphill task.
The towering forward claimed his 10th goal of the season when the visitors failed to clear a corner and Burgess volleyed home the loose ball right-footed from six yards.
Watford were dealt another blow soon after when Henderson earned his first yellow card for unsporting behaviour.
They recovered after their nightmare start, however, and in the 11th minute Nathan Ellington saw a close-range shot superbly saved by Blackpool goalkeeper Paul Rachubka.
The hosts threatened again in the 17th minute when on-loan Tottenham youngster Joe Martin rose highest to head the ball straight at visiting goalkeeper Richard Lee.
Rachubka - a former Manchester United trainee - then excelled himself again moments later with a superb double save.
First he parried Smith's left-foot shot from close range before going one better to deflect Henderson's follow-up shot out for a corner.
A swift counter-attack from the visitors in the 40th minute saw Smith cross to Henderson at the far post but his header was cleared by an alert Blackpool defence.
Blackpool continued to play the more attractive football after the break and Steve McPhee cracked a shot against the post from distance in the 58th minute.
Watford were then reduced to 10 men on the hour mark when Henderson's challenge on Kaspars Gorkss earned him a second yellow card and left the Blackpool defender needing treatment.
But the blow served to galvanise Watford and Smith took it upon himself to assume attacking responsibilities with a delightful run down the right flank and low shot which flew past Rachubka.
Both sides had half chances to claim a winner but a draw - which ultimately suited both sides - was a fair result.
Teams:
Blackpool Rachubka, Barker, Evatt, Gorkss, Coid,Martin (Morrell 75), Southern, Jorgensen, Hoolahan,McPhee (Fox 88), Burgess (Holt 87).
Subs Not Used: Flinders, Jackson.
Goals: Burgess 2.
Watford Lee, Doyley, Shittu, Bromby, Sadler, Smith, Eustace,McAnuff, Williamson (Mariappa 90), Henderson, Ellington.
Subs Not Used: Poom, Priskin, O'Toole, Ainsworth.
Sent Off: Henderson (60).
Booked: Henderson.
Goals: Smith 62.
Att: 9,640
Ref: Graham Laws (Tyne & Wear).