Brett Connon's penalty deep into injury time earned Newcastle a dramatic 20-19 victory over Wasps at the Ricoh Arena.
Ben Harris' try, converted by Rob Miller, gave Dai Young's side a two-point lead going into the final 12 minutes but Dean Richards' men remained in the fight, with Toby Flood missing a kick to win it with five minutes remaining.
But there was a second chance in the waiting as Falcons earned a penalty with the clock deep in the red and substitute Connon confidently converted to strengthen Newcastle's Gallagher Premiership survival hopes.
Wasps dominated the opening 15 minutes with all the possession and territory but lacked accuracy, with Willie le Roux chipping one out on the full and flopping one pop pass metres forward when well placed.
The Springbok full-back's inventive grubber did yield a fortuitous 16th-minute penalty that Rob Miller confidently knocked over to produce the game's first points.
This was cancelled out by a Sonatane Takulua penalty under the posts seven minutes later following Zach Kibirige's lively break from deep.
Only a despairing George McGuigan tap-tackle prevented Josh Bassett from cantering home from halfway after he leapt majestically to claim Le Roux's high kick 10 minutes before half-time.
Wasps did re-establish their lead four minutes before the break when Miller confidently boomed over a 45-metre effort and but a malfunctioning line-out prevented further inroads being made.
Falcons crossed the line twice in the 10-minute period after the restart but both Johnny Williams and Adam Brocklebank were ruled held up by referee Tom Foley.
But they remained patient and got their reward through Nemani Nagusa's reach over from close range, Takulua's conversion establishing a 10-6 lead.
A third successful Miller penalty from distance put Wasps back within a point with 25 minutes left on the clock but a Will Rowlands yellow card for a deliberate knock-on saw Wasps enter the final quarter a man down.
Falcons immediately capitalised as Josh Matavesi's break was clinically finished off, with Simon Hammersley's pass putting Takulua under the posts for a try he converted.
Once more, it was a Miller penalty that brought Wasps within a converted try that duly came with 12 minutes to go when Tom Cruse popped from the deck to the on-rushing Harris to crash over for his first Wasps try. Miller's conversion moved his side 19-17 ahead.
It was a lead Wasps looked to have improved with nine minutes remaining when Juan de Jongh leapt over but Anthony Watson's foot was ruled in touch to deny the South African.
Where Flood failed from distance with five minutes remaining, his replacement Connon triumphed to score with the last kick of the game.
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