With relegation almost certain, Wolves’ devil-may-care attitude had sparked a mini-revival of late after an impressive four-point haul in their previous two home games against Arsenal and Aston Villa.
Eager to avoid becoming their next high-profile scalp, Liverpool started positively, with Cody Gakpo testing the water early on with a long-range effort that was easily collected by José Sá.
Liverpool pressed forward again in search of an early opener, but Jeremie Frimpong blazed his effort over the bar after a superb surging run and pass from Hugo Ekitiké.
The hosts were understandably happy to soak up the pressure, keeping the Reds at bay with relative ease in a first half that was forgotten almost as soon as it was brought to a close.
Rob Edwards’ side failed to register a solitary attempt on goal by the time the half-time whistle blew, while a Liverpool team expected to dominate proceedings mustered just two first-half shots on target.
Slot’s men had a penalty shout turned down just after the restart when Frimpong’s cross appeared to hit Ladislav Krejčí’s arm before going behind, and they went close to breaking the deadlock from the resulting corner.
Ekitiké flicked on Salah's corner towards Curtis Jones, but Gakpo appeared to inadvertently clear the ball away from his team-mate before seeing the ball subsequently rebound off the bar and away to safety.
Ekitiké then made another driving run down the right and delivered an early cross that was superbly intercepted by Krejčí into Sá’s grasp, with Alexis Mac Allister waiting to pounce.
But then came a stunning sucker punch, which sparked an eruption of noise. Tolu Arokodare outmuscled Virgil van Dijk when latching onto a long ball forward and slipped in Rodrigo Gomes, who applied a superb dinked finish over Alisson to give Wolves a stunning 78th-minute lead.
Rio Ngumhoma was then within a whisker of restoring parity when Sá brilliantly parried his deflected strike onto the post.
However, a Reds equaliser did come courtesy of Mohamed Salah, who intercepted Jean-Ricner Bellegarde’s cross-field pass and applied a toe-poked finish past Sá to score his first PL goal since November.
Slot’s team were pushing for a winner in stoppage time, but incredibly, it was the hosts who struck deep into stoppage time, as André’s strike took a huge deflection off Joe Gomez and sealed all three points in the most dramatic of circumstances.
Wolves may still be 11 points adrift of 17th place, but performances and victories like this will only keep fans dreaming of the impossible.
Liverpool, meanwhile, could rue this missed opportunity to consolidate their place in the PL's top five in what is becoming a captivating battle in the race for UEFA Champions League qualification.
Flashscore Man of the Match: Ladislav Krejčí (Wolverhampton Wanderers)