A HUGE roar met the final whistle - a din that started from the outset and ratcheted up several notches after an extraordinary early let-off for the hosts.
Dimitri Payet's free-kick was directed goalwards by Kouyate and was bound for the net until Schmeichel managed to tip the header onto the post, with the ball rolling across the line and hitting the other post before the Leicester goalkeeper gratefully grabbed it.
It was a remarkable moment that could have changed the outcome of this match - and perhaps the title race - and allowed the hosts to kick on.
Their movement in the box bamboozled the Hammers defence and Robert Huth headed a Marc Albrighton free-kick just wide, before Danny Drinkwater tried his luck from distance.
The hosts' link-up play was as seamless as it was impressive and the 19th-minute opener was a classy team effort.
Riyad Mahrez collected a long throw from Schmeichel and fed N'Golo Kante, whose clever ball put Vardy through to hit a strike that rippled the net.
Leicester's three PFA Player of the Year nominees combined wonderfully for a goal that led to chants of 'are you watching Tottenham?'
The game become fractious as play was broken up by a string of free-kicks, with Vardy and Reid soon getting booked.
The latter's claims for a penalty in the midst of that were ignored, before Mark Noble and Payet also found their names in the book.
Carroll replaced Pedro Obiang when the teams emerged for the second half and was quickly involved, heading wide five minutes after the restart.
The Foxes were soon threatening again, though, and Huth headed a Christian Fuchs cross wide, before Shinji Okazaki's low ball just evaded Vardy at the far post.
From nearly slotting a second, the England striker was soon heading for an early bath.
Latching onto a through ball, he got into a tangle with Angelo Ogbonna in the area and referee Moss adjudged the Leicester forward to have purposely taken a tumble and dished out a second booking.
The majority inside the King Power Stadium were incandescent with rage at the 56th-minute decision that Reid almost capitalised on, sending a Payet cross onto the post with a deft flick.
Emmanuel Emenike flashed a strike over as West Ham pushed for an equaliser that would arrive when Reid went down under pressure from Foxes captain Morgan.
Leicester fumed but Carroll kept his cool to slot home the 84th-minute penalty - a goal that was followed within two minutes by Cresswell's thunderbolt.
It was an exceptional strike that looked to have settled the match, only for Moss to once again point to the spot in stoppage time.
Schlupp went down under pressure from Carroll and Ulloa sent home the penalty, not that the officials were forgiven at the final whistle.
This title race will be the death of me. It's too excruciatingly tense for my old heart.
— Gary Lineker (@GaryLineker) April 17, 2016
Leicester manager Claudio Ranieri acknowledged Vardy's red card had had a big impact on the game, telling Sky Sports: "It was a difficult match - very, very tough. We were lucky in the first minute when they had a chance that touched two posts. After, we scored a goal, played our football against a very good team.
"We lost a chance at the beginning of the second half when Okazaki made a cross and Vardy was very close to finishing the action. And then after, the sending-off changed the match."
On Moss' display, he diplomatically said: "I judge my players, not the referee. The referee watched this, it's okay. If some player doesn't play well, makes some mistakes, I speak with them and we try to improve their performance. But the referee is not my matter."
The Italian was delighted with the spirit shown by his players to salvage a point, saying: "Fantastic, fantastic. This is our soul. We play every match like this - blood, heart and soul. It's magnificent. I say 'thank you' to my players, the fans.
"We must believe every time and this point is very very important, psychologically. After 2-1, to go back in the last minute, it's very very important."
