Eurosport - Sat, 11 Aug 19:26:00 2007
With just seconds remaining, substitute Steve Kabba was brought down by a poor challenge from Neil Collins and Jamaican striker King coolly slotted the penalty.
That goal came minutes after Jordan Stewart had cancelled out Seyi Olofinjana's first-half opener with a deflected free-kick.
Former Arsenal goalkeeper Mart Poom and winger Jobi McAnuff made their first starts for Watford, but Adrian Boothroyd's side began the game with six of the players who started the last game of their Premier League campaign against Newcastle.
The visitors began brightly and Lee Williamson had their first meaningful effort on goal, dragging a shot wide after breaking into the right side of the box.
The home side slowly began to get a foothold in the game and debutant Elliott saw a half-chance just inside the box comfortably saved by Poom.
Ten minutes before half-time, Michael Kightly broke down the right for Wolves and fed the ball into Keogh on the edge of the area, but he fired over the bar under pressure from Shittu.
Wolves were in the ascendancy and minutes later Keogh was involved again, chipping a deft pass into Olofinjana, who thrashed the ball over despite being in plenty of space.
With the clock ticking until half-time Olofinjana made up for that earlier missed chance by clipping Wolves in front.
The Nigerian midfielder latched on to Stephen Elliott's clever pass and lofted the ball over the onrushing Poom to give the home side the lead at the break.
Wolves started the second half brightly and Elliott fired a wild effort well over the bar.
Elliott then played a neat one-two with Keogh but the former Scunthorpe hitman blazed his effort over.
Wolves were playing some nice football and Michael Kightly fed in Stephen Ward on the right side of the box, but the Irishman fired over.
However, Watford should have equalised when McAnuff was found in space just inside the box, but the winger's first touch was poor and he fired tamely at Wayne Hennessey.
With four minutes left and the home side heading for a win, Watford were awarded a free-kick on the edge of the box and Stewart's driven effort deflected off the wall on its way past Hennessey.
The goal stunned the Molineux crowd and their misery was compounded in the final minute of injury time as King's penalty gave Watford an unlikely lead.
Substitute Jay Bothroyd almost equalised in the dying moments when his shot nearly crept in after Poom had slipped, but Watford held on for the three points.
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