Video: Watch Young break Everton hearts in exhilarating encounter
It was an intriguing contest from the moment Steve Sidwell pulled the trigger on a 34-second shot which gave Villa the fastest Barclays Premier League goal of the season.
But no-one could have envisaged the drama which erupted from the dying embers of stoppage time.
By then, Everton had equalised through Joleon Lescott on the half-hour mark before Ashley Young restored Villa's advantage with a cool finish following Phil Jagielka's dreadful 54th minute back pass.
With Martin Laursen and Curtis Davies outstanding at the heart of the defence, it looked as if Villa had held on for a 2-1 success as the game entered its third minute of stoppage time.
But the best was still to come. In one last desperate Toffees attack, Lescott produced a spectacular close-range volley which left Brad Friedel helpless and appeared to have salvaged a point for the Merseysiders.
But even as Villa hearts sank, they rose again as Gabby Agbonlahor sent Young racing away and the winger accelerated past Lescott before stroking a low shot past the advancing Tim Howard.
Apart from the five goals, there were numerous other chances, too - most of them falling to the home side.
Young and Laursen both had early headers deflected for corners during a spell of Villa dominance after the opening goal, but Friedel subsequently savedsuperbly from Tim Cahill's powerful drive and Marouane Fellaini's six-yard header.
And when the American keeper was beaten by another Fellaini header, Carlos Cuellar was perfectly placed to clear off the line.
You can now watch all the goals from that amazing game in the video player above.