Seemingly inspired by Cole Palmer's four-goal first-half showing for Chelsea last weekend, Brentford notched a sensational quartet of goals themselves during a chaotic opening 45, where the nets rippled a staggering six times in total.
The Bees could not break the deadlock in the first minute for the fourth game running, but Nathan Collins nodded in with just two minutes on the board, before Matheus Cunha provided an immediate response for the visitors.
It was deja vu a matter of moments later as Bryan Mbeumo's penalty preceded a Jacob Bruun Larsen finish, but Wolves' permeable backline were being breached at will by the Bees, who went into the interval with an astonishing 4-2 cushion thanks to further efforts from Christian Norgaard and Ethan Pinnock.
As expected, the second half was a much more tepid affair than the six-goal spectacular that both sides produced in the opening 45, and the biggest talking point before the 90-minute mark struck was Wolves fans turning on their own under-fire manager.
Chants of 'you don't know what you're doing' rang out from the away end as Wolves fans disagreed with O'Neil's substitutions, and a penny for the 41-year-old's thoughts when Fabio Carvalho made it five for the hosts, but Rayan Ait-Nouri at least cut the arrears back down to two right at the death.
As scintillating as the attacking play was from both sides, Wolves' defensive concerns were laid bare as the visitors remain at the foot of the rankings, still searching for their first win of the new term.
Meanwhile, Brentford rise to ninth after ending a three-game losing run in the top flight, although results on Sunday could push them straight back down into the bottom half.
BRENTFORD VS. WOLVES HIGHLIGHTS
Nathan Collins goal vs. Wolves (2nd min, Brentford 1-0 Wolves)
The one-minute streak may be over for Brentford, but the Bees do not leave their expectant fans disappointed, and they need just two moments to break the deadlock this time around!
Mikkel Damsgaard gets to the byline down the right and sends in an accurate cross, which is on the money for an unmarked Collins to power a header past Sam Johnstone at the near post. Frank's early Bees are ahead in just 75 seconds!
Matheus Cunha goal vs. Brentford (4th min, Brentford 1-1 Wolves)
Talk about fighting with fire! Once again, Brentford fail to hold onto their early lead, as Wolves talisman Cunha draws the visitors level just two minutes after Collins's opener.
Carlos Forbs - promoted to the starting lineup today - finds the underlapping run of Nelson Semedo inside the box, and the defender cuts back for Cunha, who does not get the cleanest connection on his first-time strike but sees his effort fly into the net nonetheless.
Bryan Mbeumo goal vs. Wolves (20th min, Brentford 2-1 Wolves)
No time for either set of players to catch their breath during a frenetic opening 20 minutes, and the hosts are deservedly awarded a spot kick after goalscorer Collins is hauled to the floor by Mario Lemina.
Lethal marksman Mbeumo takes on the responsibility, and the Cameroonian calmly sends Johnstone the wrong way after a stuttered run-up to restore Brentford's one-goal advantage.
Jacob Bruun Larsen goal vs. Brentford (26th min, Brentford 2-2 Wolves)
Death, taxes, and Brentford blowing Premier League leads.
Wolves are once again level in next to no time, as the big man up top Bruun Larsen beats Ethan Pinnock to a low Rayan Ait-Nouri delivery and equalises in front of the away end again.
Christian Norgaard goal vs. Wolves (28th min, Brentford 3-2 Wolves)
Goals galore at the Gtech!
The breathless action continues just two minutes after Bruun Larsen's leveller, as Lemina gives the ball away to Mbeumo on the right flank, and the winger cuts inside before finding Vitaly Janelt in acres of space.
The German plays a first-time pass into captain Norgaard, who finishes clinically into the far corner. Five goals in just 28 minutes - spectacular viewing for the neutrals but not so much for both managers!
Ethan Pinnock goal vs. Wolves (45 +1 min, Brentford 4-2 Wolves)
After a rare 15 minutes or so with little to no goalmouth action, the nets are rippling once again in West London, and there are so many question marks over the Wolves defending once again!
It is far too easy for the hosts, as Damsgaard's corner is on the money for Pinnock, who is left all alone some eight yards out to direct a header past Johnstone's reach and into the far corner.
Fabio Carvalho goal vs. Wolves (90th min, Brentford 5-2 Wolves)
The second half of this extravaganza was never going to be as thrilling as the first, but there is time for one more Brentford goal, as Carvalho piles more misery onto O'Neil by tapping in after Johnstone fails to stop Keane Lewis-Potter's ball across.
Rayan Ait-Nouri goal vs. Brentford (90 +3min, Brentford 5-3 Wolves)
The net bulges for the eighth and final time, as Wolves left-back Ait-Nouri notches another consolation for his side, driving into the box and firing a low strike through Mark Flekken's legs.
MAN OF THE MATCH - MIKKEL DAMSGAARD
Brentford boss Frank had to sacrifice either Fabio Carvalho or Damsgaard for the returning Norgaard; he opted to drop the ex-Liverpool playmaker, and his decision was vindicated as Damsgaard put in another masterclass in creativity.
The Dane - flourishing in a more central role - provided a pinpoint cross for Collins's header before also finding his centre-back partner Pinnock, and it is fair to say that he has certainly found his feet in the Premier League now.
BRENTFORD VS. WOLVES MATCH STATS
Possession: Brentford 44%-56% Wolves
Shots: Brentford 19-16 Wolves
Shots on target: Brentford 12-6 Wolves
Corners: Brentford 10-3 Wolves
Fouls: Brentford 9-10 Wolves
BEST STATS
WHAT NEXT?
Once the international break is done and dusted, Brentford face a daunting clash with Manchester United at Old Trafford on October 19, although whether Erik ten Hag will be in charge of the Red Devils for that game is another question entirely.
Winless Wolves will coincidentally face Man United's noisy neighbours Manchester City in their next game, hosting the champions at Molineux on October 20.