Manchester United became kings of Europe for the third time on a night of high drama and emotion in Moscow.
Goalkeeper Edwin van der Sar was the hero with a penalty save to deny Nicolas Anelka after Chelsea captain John Terry had missed the chance to win the Blues the trophy by firing his own spot-kick hit the post.
The dramatic shootout looked to be going Chelsea's way after Petr Cech saved Cristiano Ronaldo's effort but Terry's miss opened the door for Sir Alex Ferguson to clinch his second Champions League crown.
As the celebrations began, you could have expected the ghosts of such giants as Duncan Edwards and George Best to be dancing with delight at the outcome.
It is 40 years since United first won the trophy with a team rebuilt by Sir Matt Busby from the survivors of that Munich disaster. Eight players lost their lives following the catastrophic events on a snow-filled German runway in February 1958.
It was fitting that United became the first English club to win the trophy 10 years later and even more apt that, half a century on, Ferguson's men had again taken on Europe's finest and beaten them all.
Their achievement was made even more poignant by Munich survivors Harry Gregg, Albert Scanlon, Kenny Morgans, Bill Foulkes and Sir Bobby Charlton, now a club director, who watched the drama unfold from the stands.
But modern-day football has its own heroes and the likes of Carlos Tevez, Wayne Rooney and the unstoppable Ronaldo now trip off the tongue in the same way Best and Charlton once did.
Yet, the opening 25 minutes of the first all-English final barely lived up to its hysterical pre-match hype.
However, all that changed from the moment Ronaldo headed United in front with his 42nd goal of a memorable season.
Paul Scholes, who missed United's last triumph through suspension in 1999, played a delightful interchange of passes with Wes Brown on the right flank.
His final return pass put Brown in the clear and the full-back's left-foot cross found the waiting Ronaldo in space at the far post.
The Portugal international planted a firm header into the corner of the net past a static Cech to give United first blood.
Chelsea's somewhat muted response almost brought them an equaliser in the 33rd minute when Lampard's cross was headed back into the six-yard box by Didier Drogba.
United's Rio Ferdinand, under pressure from Michael Ballack, was forced to head the ball towards his own goal and only a superb save from Van der Sar prevented a Chelsea equaliser.
But it required a sensational double save from Cech to deny United their second moments later.
Wayne Rooney delivered an inch-perfect 40-yard crossfield ball into the path of the ever-dangerous Ronaldo and the United goalscorer placed his cross on the head of the diving Tevez only for Cech to deny him.
Chelsea's failure to clear the loose ball gave Michael Carrick the chance to reward their superb approach work but again Cech was equal to the task with another fine save.
The Blues began to grow in confidence as the first half approached its climax and in the 45th minute, they took advantage of a massive slice of luck to level the score.
Michael Essien's attempted shot from 25-yards took two deflections on its way towards goal but the most telling was off the back of United captain Ferdinand.
It changed the direction of the ball into the path of Lampard, who duly supplied the finish from six yards.
Chelsea, buoyed by their flourish at the end of the first half, almost took the lead in the 54th minute.
Essien managed to get clear of the United defence but his attempted curler from the edge of the penalty area was far too high.
It was all Chelsea now but they could not force a second goal. Drogba sent a header a wide from Lampard's corner and Ballack was just off target with a 25-yard drive.
In the 77th minute, United had the woodwork to thank when Drogba sent a 20-yard shot against Van der Sar's left-hand upright. The Ivorian went close again four minutes from time when he just failed to convert Joe Cole's low cross.
Ryan Giggs was introduced in place of Scholes seconds later for the Welshman to make a record 759th appearance for the Red Devils.
The game went into extra-time, and within three minutes of the restart, the woodwork came to United's rescue again. This time it was Lampard who sent his shot crashing against the crossbar as United continued to ride their luck.
But Chelsea were almost made to pay dearly eight minutes later when Terry cleared a goalbound effort from Giggs off his own line.
Drogba was then sensationally sent off for slapping Nemanja Vidic as tempers flared on both sides.
But the lottery of penalties ensured that United clinched the trophy.
Teams:
Man Utd Van der Sar, Brown (Anderson 120), Ferdinand, Vidic, Evra, Hargreaves, Scholes (Giggs 87), Carrick, Ronaldo, Tevez, Rooney (Nani 101).
Subs Not Used: Kuszczak, O'Shea, Fletcher, Silvestre.
Booked: Scholes, Ferdinand, Vidic, Tevez.
Goals: Ronaldo 26.
Chelsea Cech, Essien, Carvalho, Terry, Ashley Cole, Ballack, Makelele (Belletti 120), Lampard, Joe Cole (Anelka 99), Drogba, Malouda (Kalou 92).
Subs Not Used: Cudicini, Shevchenko, Obi, Alex.
Sent Off: Drogba (116).
Booked: Makelele, Carvalho, Ballack, Essien.
Goals: Lampard 45.
Man Utd win 6-5 on penalties
Att: 69,552
Ref: Lubos Michel (Slovakia).

Real Madrid won its second straight Spanish league title Sunday despite a stuttering end to the season.
Madrid, which scored two late goals to beat Osasuna 2-1, had won just six of 12 games heading into Sunday's match. But FC Barcelona's poor form has dropped it to third place behind Villarreal, which couldn't stay in the title race despite beating Getafe 2-0.
Despite Madrid's slow finish, goalkeeper Iker Casillas is convinced that his team deserves its record 31st league title.
"Real Madrid has led the league from the start. It makes me laugh that people are saying that Barcelona has let the league slip away," Casillas said.
Madrid defender Sergio Ramos suggested the quality of Madrid's displays were irrelevant.

"No one pays any attention to how you won the league because what people value is the title itself," Ramos.
Ramos, who has played at right back and center-half this season, has been key for Madrid along with central defender Fabio Cannavaro. Two more defenders, Pepe and Gabriel Heinze, have fitted in well in their first seasons although both have been hampered by injuries.
In attack, Ruud van Nistelrooy maintained his sharpness with 12 goals before his ankle injury kept him out for about six weeks during the second half of the season.
And with Raul Gonzalez taking advantage of a more forward role to recover his form and become the team's top scorer again with 17 goals this season, Madrid has boasted a productive attacking duo.
"After a knee injury and some seasons which were not good for me or the team, to be scoring again, playing some good matches and not having injuries, have helped me," said Raul, who won the league title for the sixth time.
Madrid began the season with six wins and a draw in its first seven games. Its first loss came in the eighth match at Espanyol, with Madrid subsequently losing at Sevilla, Almeria, Real Betis and Deportivo La Coruna.
Madrid also lost to Getafe and Valencia at the Santiago Bernabeu Stadium, although the team won 14 of its 16 other games for the best home record in the league. The highlight was a 7-0 rout of Valladolid in February.
Perhaps the key result of Madrid's season was the morale-boosting 1-0 win over Barcelona at Camp Nou in December when attacking midfielder Julio Baptista, who otherwise played a bit part in the team's success, volleyed in the winner.
Madrid president Ramon Calderon has promised a couple of top-notch acquisitions during the close-season. Midfielders Ruben De La Red, Esteban Granero, who have done well on loan this season with Getafe, will rejoin the club. Another midfielder, Javi Garcia, who has spent the season with Osasuna, will also return.

Avram Grant, the man people love to hate, has done in less than eight months what Jose Mourinho could not in three full seasons - guide Chelsea to a Champions League final.
The Blues had their noses in front after the first leg, but still had work to do, and Liverpool made sure they did not give in without a fight.
Didier Drogba's opener was cancelled out by Fernando Torres as the big men showed up to take the game into extra time. Frank Lampard then converted a penalty to restore Chelsea's lead, and Drogba put the match beyond Liverpool soon after with his second of the evening.
Ryan Babel pulled one back with three minutes of extra time remaining, with some help from Petr Cech, but it was too little too late for Liverpool, leaving Grant to savour the truly 'Special' moment that Chelsea have been searching for five seasons now.
First Half
Before the match Rafael Benitez had made his feelings about Didier Drogba quite clear. Yet it took the Ivorian little over half an hour to respond with a goal which he gleefully celebrated in front of the Liverpool bench.
In truth the goal had been coming for some time as Chelsea had had the better of a tightly contested first half played in slick conditions. The rain pelting down in West London made for a lively contest, with the pitch beginning to cut up quite early on. Had the groundsmen been distracted before the game?
Drogba had been involved as early as the fifth minute when an expert turn and shot from the striker had forced a smart save from Reina. An even better chance fell to the striker just over ten minutes later from which he should have opened the scoring. A lovely through ball by Lampard put Drogba in and with just the keeper to beat he slotted his shot just wide of the post.
In the meantime Liverpool had fashioned their best chance of the half. Joe Cole lost the ball on the edge of the Liverpool box and the away side broke with Benayoun. The ball eventually found its way to Torres on the left of the area but his shot was well saved by Petr Cech.
The opening goal finally arrived just after the half hour mark. Another excellent through ball by Lampard found Kalou, who beat Hypia and shot at Reina. Although the Liverpool keeper managed to parry his shot, Drogba arrived to thump home the opener from a tight angle.
Five minutes later and it could have been two nil. Michael Ballack firing a free kick which flew just inches wide of the post. Instead, Chelsea had to settle for a one goal lead at the break, albeit a fully deserved one.
Second Half
Yet within two minutes of the restart Liverpool could have been level. A Gerrard free kick was headed across goal by Mascherano and Dirk Kuyt’s flick goalwards was well saved by Cech. The equaliser wasn’t too far behind though. Chelsea’s level had dropped after the interval and Liverpool had come out from the break with an energy and drive that had been missing from their play in the first half.
Just after the hour the visitors made Chelsea pay. A lovely run from Benayoun saw the Israeli cut inside from the right, beat Makelele and Drogba before smuggling the ball through to Torres just inside the box. The striker finished instinctively past Cech to level the tie and end Liverpool’s recent goal drought at Stamford Bridge.
Suddenly the balance of the match changed. Liverpool were on the front foot for once whilst Chelsea were looking flat, as if their exertions at the weekend against Manchester United were starting to take their toll.
As the second half drew to a close the match grew scrappy as Chelsea tried to claw their way back into a match that had looked at one point as if it was drifting away from them. With few chances arriving and both teams became noticeably more cautious, it was no surprise the 90 minutes finished one apiece and, once again, extra time loomed.
Of course it wouldn’t be a Chelsea versus Liverpool game without a touch of controversy and it duly arrived within five minutes of extra time. A corner wasn’t cleared by Liverpool and the ball fell to Essien on the edge of the box who thumped a shot home and past Reina, only for the assistant referee to flag for offside.
The home side were stunned but seconds later they were celebrating again as Hypia fouled Ballack in the box and the referee pointed to the spot. Up stepped Frank Lampard who made no mistake from the spot to give Chelsea the lead.
An exhilarating first period of extra time wasn’t quite finished there though. With one minute remaining Anelka broke clear on the right and put in a cross which Drogba finished expertly to give Reina no chance and all but send Chelsea to Moscow.
Only it wasn’t quite as simple as that, with the second period of extra time proving almost as eventful as the first. Liverpool looked to have a valid claim for a penalty turned down after Drogba appeared to foul Hypia in the penalty area, only for the referee to wave their appeals away.
Then with only five minutes left on the clock Ryan Babel shot from fully 40 yards, Petr Cech fumbled it and the ball flew into the back of the net. Suddenly it was 3-2 and Chelsea were left to endure a nervous few minutes. The final whistle couldn’t come soon enough for the home side but come it did and after a dramatic game Chelsea were finally on their way to Moscow and a meeting with Manchester United.
GOALS
3-2 Liverpool (Babel, 117)
3-1 Chelsea (Drogba, 105)
2-1 Chelsea (Lampard pen, 97)
1-1 Liverpool (Torres, 63)
1-0 Chelsea (Drogba, 32)
Chelsea: Cech, Essien, Carvalho, Terry, A Cole, Ballack, Makelele, Lampard (Shevchenko, 118), J Cole (Anelka, 90), Drogba, Kalou (Malouda, 69)
Liverpool: Reina, Arbeloa, Carragher, Skrtel (Hypia, 21), Riise, Mascherano, Alonso, Kuyt, Gerrard, Benayoun (Pennant, 78), Torres (Babel, 97)