An incredible game finished 4-4 at Molineux as Wolves came from 3-1 down but still blew a lead in stoppage time.
Kortney Hause opened the scoring with his first ever Wolves goal but by half time they were 3-1 down with Stefan Johansen, Floyd Ayite and a stunner from Tom Cairney putting the Cottagers in charge.
Wolves mounted a remarkable second half comeback with Matt Doherty prodding home from close range before Ivan Cavaliero scored a beauty and then David Edwards popped up with a 90th minute rocket to spark scenes of delirium.
But Ayite headed home in the 94th minute as Fulham claimed a deserved point.
Teenager Harry Burgoyne made his debut in goal with Andy Lonergan and Carl Ikeme out injured but couldn't be faulted for the goals and indeed made some impressive saves.
What a game of football.
Wolves' supporters have been made to endure some real dirge in the past 18 months.
And while their team didn't win here, the 19,020 that turned up at Molineux were treated to a thrilling feast of attacking football.
This more than made up for a few of those dire nil-nils last season.
The two sides mustered no fewer than 46 shots between them. Wolves went 1-0 up, conceded three in 10 minutes to fall 3-1 behind at half time, then scored three without reply to make it 4-3 in the last minute before Fulham equaliser four minutes later.
It was a game no one who witnessed it will ever forget. And those of a Wolves persuasion will never forget the scenes that greeted David Edwards' 90th minute goal.
Edwards sprinted down the touchline towards the bench with every single outfield player joining him to celebrate with the bench while the rest of Molineux went crazy.
But Wolves' old bugbear, sloppy defending, came back to haunt them deep into injury time.
In truth defeat would have been incredibly harsh on Fulham who enjoyed the lion's share of possession and player better football than any team seen at Molineux this season.
But Wolves showed remarkable spirit, drive and determination to bring it back from 3-1 down.
Their supporters booed Lambert's decision to replace Romain Saiss with Jon Dadi Bodvarsson at 3-1, but 15 minutes later Wolves were level.
Lambert kicked every ball from the touchline (even acting as ball boy to retrieve the ball from behind the advertising hoardings) and will have learned a lot about his team here.
As against QPR they created plenty of chances, but on this occasion poor defending also cost them.
Harry Burgoyne couldn't be faulted for any of Fulham's goals but Wolves' back five had an average age of 22. As Lambert said last week, they will make mistakes. But those mistakes are costing Wolves.
If Lambert wasn't aware of the rollercoaster that is Wolverhampton Wanderers, he certainly is now.
6 - Nouha Dicko drives the ball across goal - Ivan Cavaleiro looks set to tap home but a Fulham defender takes it off his toes.
6 - Floyd Ayite fires wide from 10 yards after wriggling into a shooting position. It's an open start at Molineux.
8 - Danny Batth heads Cavaleiro's free kick just wide at the back post.
22 - GOAL - Helder Costa whips an inswinging corner to the far post and Kortney Hause gets up highest to power a header low past keeper David Button.
28 - First big test for Harry Burgoyne and he does well, blocking Ayite's rasping 15-yard shot to earn a big round of applause from the home fans.
32 - Dicko races to close down a short Tim Ream header - keeper Button spills the ball but Dicko fires wide of the open goal on the turn, albeit from a tight angle.
33 - GOAL - Ryan Fredericks picks out Stefan Johansen in the box and he produces an unstoppable shot into the top corner.
37 - Big chance for 2-1. Costa gets to the byline and cuts back for Cavaleiro but he scoops his shot over from close range, leaning back.
39 - GOAL - Fredericks again lays on a Fulham goal, crossing deep to the back post where Ayite heads past Burgoyne.
43 - GOAL - Tom Cairney scores a wondergoal to extend Fulham's lead to 3-1. A free kick near the corner flag is chipped back to him and he unleashes a fabulous 25-yard volley that flies into the corner. Again, no chance for Burgoyne. Even the home fans applaud.
49 - A Costa free kick reaches Edwards - his shot is saved and the ball drops to Matt Doherty who prods goalwards but it's cleared off the line.
62 - Great double save from Burgoyne. A cross is cut back to Cairney - his 18-yard shot is blocked by the keeper, who then smothers Aluko's follow-up from point blank range.
65 - GOAL - Conor Coady gets two bites of the cherry to cross from the right - the second is headed goalwards by Dicko and Matt Doherty forces the ball over the line from a couple of yards out.
74 - GOAL - Cavaleiro receives the ball some 40 yards for goal - he has Tim Ream for company but races towards the box and fires a superb left-footed shot past Button. What a strike. Molineux erupts.
90 - GOAL - The ball breaks to David Edwards at the back post and he lashes into the roof of the net from a tight angle sparking scenes of wild delirium.
94 - GOAL - Malone swings over a cross, no one from Wolves attacks the ball and Ayite heads home at the back stick.
Wolves (4-3-3): Burgoyne, Iorfa, Batth (c), Hause, Doherty; Coady (Price, 87), Saiss (Bodvarsson, 59), Edwards; Costa (Teixeira, 87), Dicko, Cavaleiro. Subs: Flatt, Borthwick-Jackson, Saville, Enobakhare.
Goals: Hause (22), Doherty (65), Cavaleiro (74), Edwards (90)
Fulham (4-2-3-1): Button; Fredericks, Kalas, Ream, Malone, McDonald, Johansen; Aluko (Parker, 72), Cairney (c), Ayite; Martin. Subs: Bettinelli, Odoi, Kebano, Sigurdsson, Piazon, Sessegnon.
Goals: Johansen (33), Ayite (39, 90+4), Cairney (43)
Referee: Darren Bond (Lancashire)
Position in the table
19th (22 points from 20 matches)Subscribe to our Newsletter