Matt Jarvis's two goals spearheaded a thrilling Wolves fightback at Swansea.
In a breathless start Andrea Orlandi and Nathan Dyer headed in for Swansea either side of Joe Allen's low strike.
Steven Fletcher looped in a header in reply before Danny Graham's close-range curler made it 4-1, only for Jarvis to drill in from Kevin Doyle's cross.
Dave Edwards burst through the middle for Wolves' third and Jarvis completed the recovery as he slid in to convert Fletcher's cross.
Wolves arrived at the Liberty Stadium bottom of the Premier League and already relegated, and the early signs were that they would sink into the Championship with a whimper.
Swansea took the lead within 46 seconds when Scott Sinclair, on the left wing, was allowed to turn inside and deliver a curling cross with his right foot.
Orlandi, who had not scored for two years, rose highest to flick his header over Dorus de Vries in the Wolves goal.
John MotsonBBC Match of the Day commentator
"Wolverhampton Wanderers showed spirit and fight even though they're doomed. They came back from 3-0 and 4-1 down to draw 4-4 here. Quite what happened to Swansea's early superiority I don't think even they know. A quite unusual and unpredictable match at the Liberty Stadium."
De Vries opted to leave the Welsh club to join Wolves at the end of last season and his former team-mates soon had the Dutchman stooping to pick the ball out of the net for a second time.
Graham and Gylfi Sigurdsson combined to send Allen through the middle, and the midfielder's shot took a deflection off Richard Stearman to leave De Vries stranded.
A third goal arrived within 15 minutes when Orlandi was allowed to drive into the left of the Wolves area before squaring for Dyer to head in at the back post.
Wolves' lackadaisical defending was catching and the visitors pulled a goal back as the Swansea defence dozed, allowing an unmarked Fletcher to head home from Doyle's cross.
Graham restored Swansea's three-goal cushion when Dyer was allowed two bites to squeeze the ball across goal for the striker to end an 11-game goal drought.
But back came Wolves as Doyle, this time popping up on the right, sent a steepling cross towards Jarvis to smash home despite Ashley Williams' attempted block.
Swans manager Brendan Rodgers had started with an experimental 3-4-3 formation, but a knock to Orlandi allowed him to bring on Wales left-back Neil Taylor instead of the midfielder for the second half.
Sigurdsson nearly extended the Welsh side's lead twice in a matter of moments, first hitting the post from the edge of the area and then bringing a fine save out of De Vries.
Instead it was Wolves who scored the next goal, as Michael Kightly played a reverse-pass into the path of Edwards for the Wales midfielder to shoot low into the far corner.
Swansea poor defensively - Rodgers
Edwards was also heavily involved in the 69th-minute equaliser, finding Fletcher in space on the left, the striker in turn threading the ball across for Jarvis to grab his second.
Kightly had a late chance to strike an improbable winner when Sylvan Ebanks-Blake picked him out on the right, but the Wolves midfielder skied his shot over.
A topsy-turvy game would not have been complete without one more Swansea chance deep into injury time, but substitute Luke Moore was well tackled by Ward before he could get his shot goalwards.
But while Wolves will be in the Championship next season, despite their show of spirit, the point was enough for Swansea to mathematically guarantee their involvement in the Premier League next season.
Swansea manager Brendan Rodgers:
"Obviously I'm a bit disappointed, for the first 30 minutes of the game we were sensational… we lost our concentration before half-time and then second half we just didn't defend well as a team.
"But give credit to Wolves. It's been a tough time for Terry [manager Terry Connor] since he's gone in there, I think he's been admirable on how he's coped with it all and many teams at 3-0 down here… would maybe fall away but they never did that.
Wolves should have won - Connor
"They kept fighting and it's a great credit to Terry and the players that they did that."
Wolves boss Terry Connor:
"Since I took over, every time we've travelled away the fans have been absolutely terrific, right behind the lads, right by myself and they've applauded them at the end of every game.
"That's credit to those fans who have come and supported us through thick and thin.
"I'll give a full review [to the Wolves board] at the end of the season, give my thoughts, what we've done well and what we haven't done so well. Whatever path the club decide to take next season it will be for the benefit of the football club."
Booking The referee shows Leon Britton a yellow card.
Booking Luke Moore receives a yellow card.
Luke Moore challenges Christophe Berra unfairly and gives away a free kick.
Handball by David Edwards. Leon Britton takes the direct free kick.
Shot from deep inside the area by Michael Kightly clears the bar.
Substitution Luke Moore replaces Danny Graham.
Shot from just outside the area by Stephen Hunt goes over the bar.
Leon Britton concedes a free kick for a foul on Sylvan Ebanks-Blake. Stephen Hunt crosses the ball in from the free kick, save by Michel Vorm.
Free kick awarded for a foul by Danny Graham on Stephen Ward. Christophe Berra restarts play with the free kick.
Substitution Sylvan Ebanks-Blake is brought on as a substitute for Steven Fletcher.
Kevin Doyle handles the ball and concedes a free kick. Michel Vorm takes the direct free kick.
Substitution Matthew Jarvis goes off and Stephen Hunt comes on.
Assist by Steven Fletcher.
68:25 Goal scored
Goal - Matthew Jarvis - Swansea 4 - 4 Wolves Goal scored by Matthew Jarvis from inside the six-yard box to the bottom right corner of the goal. Swansea 4-4 Wolverhampton.
Karl Henry gives away a free kick for an unfair challenge on Nathan Dyer. Steven Caulker takes the direct free kick.
Danny Graham has a header from close range and clears the crossbar.
Free kick awarded for an unfair challenge on Steven Fletcher by Ashley Williams. Kevin Foley takes the direct free kick.
Matthew Jarvis decides to take the corner short.
Steven Caulker restarts play with the free kick.
Booking Stephen Ward goes into the referee's book for unsporting behaviour.
Free kick awarded for an unfair challenge on Nathan Dyer by Stephen Ward.
Kevin Doyle concedes a free kick for a foul on Garry Monk. Direct free kick taken by Garry Monk. Kevin Doyle fouled by Garry Monk, the ref awards a free kick. Kevin Doyle restarts play with the free kick.
Michael Kightly provided the assist for the goal.
53:16 Goal scored
Goal - David Edwards - Swansea 4 - 3 Wolves David Edwards finds the back of the net with a goal from deep inside the penalty box to the bottom right corner of the goal. Swansea 4-3 Wolverhampton.
Joe Allen gives away a free kick for an unfair challenge on Karl Henry. Free kick taken by Karl Henry.
Free kick awarded for an unfair challenge on Michel Vorm by Kevin Foley. Neil Taylor takes the free kick.
Outswinging corner taken by Gylfi Sigurdsson from the right by-line.
Gylfi Sigurdsson takes a shot. Save made by Dorus De Vries.
Gylfi Sigurdsson produces a right-footed shot from inside the box and hits the post.
The referee blows his whistle to start the second half.
Substitution (Swansea) makes a substitution, with Neil Taylor coming on for Andrea Orlandi.
45:00 +3:01 Half time
Half Time It is the end of the first-half.
Headed effort from inside the area by Kevin Doyle misses to the right of the target.
Kevin Doyle takes a shot. Blocked by Leon Britton.
Corner taken by Michael Kightly, Steven Fletcher takes a shot. Save by Michel Vorm.
Kevin Doyle takes a shot. Blocked by Michel Vorm.
Stephen Ward takes a shot. Save by Michel Vorm.
Effort from inside the six-yard box by Steven Fletcher goes wide right of the target.
David Edwards concedes a free kick for a foul on Joe Allen. Garry Monk takes the free kick.
Inswinging corner taken right-footed by Michael Kightly from the left by-line.
Michael Kightly produces a right-footed shot from just outside the penalty box that goes wide left of the target.
Corner from the left by-line taken by Matthew Jarvis, clearance made by Garry Monk.
Assist by Kevin Doyle.
32:56 Goal scored
Goal - Matthew Jarvis - Swansea 4 - 2 Wolves Goal scored by Matthew Jarvis from deep inside the penalty box to the bottom right corner of the goal. Swansea 4-2 Wolverhampton.
Assist on the goal came from Nathan Dyer.
30:44 Goal scored
Goal - Danny Graham - Swansea 4 - 1 Wolves A goal is scored by Danny Graham from close in to the bottom right corner of the goal. Swansea 4-1 Wolverhampton.
The assistant referee flags for offside against Danny Graham. Indirect free kick taken by David Edwards.
Kevin Doyle takes a shot. Andrea Orlandi gets a block in.
The assist for the goal came from Kevin Doyle.
27:42 Goal scored
Goal - Steven Fletcher - Swansea 3 - 1 Wolves Steven Fletcher grabs a headed goal from deep inside the penalty area. Swansea 3-1 Wolverhampton.
Andrea Orlandi produces a volleyed left-footed shot from 18 yards. Save by Dorus De Vries.
Scott Sinclair takes a shot. Kevin Foley gets a block in.
Free kick awarded for an unfair challenge on Nathan Dyer by Stephen Ward. Free kick taken by Steven Caulker.
Corner taken by Matthew Jarvis, Michael Kightly takes a shot from inside the box clearing the bar.
Michael Kightly takes a shot. Ashley Williams gets a block in.
Danny Graham takes a shot. Save made by Dorus De Vries.
Foul by Christophe Berra on Michel Vorm, free kick awarded. Free kick taken by Michel Vorm.
Joe Allen gives away a free kick for an unfair challenge on Christophe Berra. Michael Kightly restarts play with the free kick.
Assist by Andrea Orlandi.
14:42 Goal scored
Goal - Nathan Dyer - Swansea 3 - 0 Wolves Nathan Dyer scores a headed goal from close in. Swansea 3-0 Wolverhampton.
Free kick awarded for a foul by Richard Stearman on Andrea Orlandi. Ashley Williams restarts play with the free kick.
Inswinging corner taken right-footed by Michael Kightly from the left by-line, save by Michel Vorm.
Outswinging corner taken by Gylfi Sigurdsson, save made by Dorus De Vries.
The assist for the goal came from Gylfi Sigurdsson.
3:37 Goal scored
Goal - Joe Allen - Swansea 2 - 0 Wolves Joe Allen finds the back of the net with a goal from the edge of the penalty area to the bottom right corner of the goal. Swansea 2-0 Wolverhampton.
Nathan Dyer challenges Karl Henry unfairly and gives away a free kick. Christophe Berra takes the direct free kick.
Assist by Scott Sinclair.
0:22 Goal scored
Goal - Andrea Orlandi - Swansea 1 - 0 Wolves Andrea Orlandi finds the back of the net with a headed goal from inside the six-yard box. Swansea 1-0 Wolverhampton.
The match gets underway.
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