BLACKBURN Rovers still have two hands on the Worthington Cup -- but only just after Colin Lee's team of United Nations came within a coat of paint of dumping them out at the third round stage.
The holders looked to be heading for an embarrassing exit when an extra-time strike from Aussie front-man David Zdrilic saw Walsall take a shock 2-1 lead.
But Alan Mahon got Rovers out of jail with a timely equaliser in the 105th minute to set up the lottery of penalties.
Then in the shoot-out, Alan Kelly gave the home side a crucial advantage when he brilliantly saved from Darren Wrack before it was left to Marc Richards to become his side's unlikely hero by tucking away Rovers' fifth and decisive spot-kick to secure a place in the last 16.
It was a tough way for Walsall to go out after they had given everything for the cause during the previous two hours.
But manager Lee and his players will no doubt look back on an extra time save from Kelly which prevented them from taking a 3-1 lead as the game's major turning point.
If that effort from Brazilian striker Moreira Herivelto had gone in rather than strike the bar then, surely, there would have been no coming back.
But life is full of 'ifs' and 'buts' and Rovers made the most of their good fortune to crawl past the winning post and keep the spirit of Cardiff alive.
"We fielded a team which we felt could do a job for us and, okay, we got through on penalties in the end but the bottom line is we are in the next round of the cup and, if we were to draw someone else in the next round, then you might see us field a totally different team," said a relieved Graeme Souness.
"But we are not going to give up our hold on this trophy easily."
In truth, it was a disjointed performance from Rovers who never got out of second gear all night against a well-drilled Walsall side but that was inevitable given the amount of changes in personnel.
The one major plus point, however, was it gave Souness the chance to blood one or two of the younger players on the fringe of his first team squad and, generally speaking, they came through the test with flying colours.
Currently in the midst of an energy-sapping run of six games in 18 days, the Rovers boss took the opportunity to rest a number of his top stars as he made nine changes from the starting eleven which had performed so limply against Aston Villa at the weekend.
That meant a welcome return for Matt Jansen up front who was handed his first competitive start of the season in the latest phase of his rehabilitation programme.
And there was a full debut for German defender Sebastian Pelzer, too, who has had to wait patiently for a chance following his cut-price move from FC Kaiserslautern in the summer.
Sadly, however, another injury sustained in an innocuous-looking challenge meant he lasted barely 30 minutes but it proved to be something of an uncomfortable half an hour as he struggled to adjust to the pace of the English game.
Nevertheless, Rovers could have been 2-0 up inside the first eight minutes after carving out two decent opportunities.
Ciccio Grabbi was the first to test Jimmy Walker with a searing 30 yarder which swerved and dipped but the Saddlers keeper somehow kept it out with an outstretched boot.
Then a peach of a pass from David Dunn released Mahon but the young Irishman blazed his effort high into the vacant seats in the Darwen End with only Walker to beat.
Walsall refused to be fazed, however, and they hit back with two early efforts of their own as an off-balance Steve Corica fired over before Kelly had to react smartly to cling onto a fizzing daisy-cutter from Junior after the Brazilian striker had shrugged off Pelzer who was enduring a torrid debut.
Minutes later, the German trudged off disconsolately with an injury which meant a debut for 17-year-old defender Jay McEveley, the latest product of Rovers' Academy.
The confident teenager slotted in comfortably at left-back, where he showed an impressive amount of composure for a man of such tender years.
His willingness to get forward was evident in the build-up to the opening goal when he traded passes with Dunn on the left deep in enemy territory.
Keith Gillespie was promptly felled by Zigor Aranalde as he ventured into the box after Grabbi had switched the play with a raking pass and the Italian then stepped up to slot away the penalty himself right on the stroke of half-time.
That was a cruel blow for the visitors who were left with a mountain to climb after that.
But they were handed an unexpected life-line when referee Neale Barry correctly pointed to the spot for the second time in the 67th minute.
For once, McEveley's enthusiasm got the better of him as he lost possession attempting to bring the ball out of defence and Nissa Johansson sent substitute Moreira Herivelto crashing in the box, which allowed Aranalde to gleefully smash home the equaliser from 12 yards.
That gave the visitors renewed heart and they had the audacity to take the lead eight minutes into extra time.
Dzrilic seized on a poor defensive header and thumped a 20 yarder which flew past Kelly into his top left-hand corner. Rovers could have been dead and buried three minutes later when Herivelto pulled the trigger from distance only to see Kelly tip his effort onto the bar.
That proved crucial as parity was restored once again in the 105th minute when Mahon beat Walker via the aid of a big deflection.
So to the lottery of penalties and it was Rovers who kept their composure when the pressure was on, scoring all five of theirs to edge through 5-4 after Kelly had saved decisively from Wrack.
ROVERS 2 WALSALL 2 (AET) Rovers won 5-4 on penalties
Grabbi 45 (p), Mahon 105 Aranalde 67 (p), Zdrilic 98
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