This eight-goal thriller made it 28 goals in our last four games and although the draw extended our unbeaten run to seven in the Premiership there was disappointment as we let a two-goal lead slip.
We looked in control at half-time as goals from Defoe, Robbie Keane and Michael Brown put us 3-1 up.
A 4-4 draw looked inconceivable at that stage but tenacious Foxes fought back.
Of course, two of Leicester's four ex-Spurs players hit the target as Les Ferdinand, Ben Thatcher and Marcus Bent incredibly put the visitors 4-3 up.
It wasn't over though as Defoe smashed home his second goal and fourth in three Spurs games to level it up two minutes from time.
Gary Doherty still had a late header to win it but the entertainment for the neutral and Sky's television audience ended at just the eight goals this time around.
It was all-action from the first whistle and Brown opened the scoring after five minutes, a curling free-kick from 25 yards that bounced awkwardly in front of Ian Walker and squeezed inside the post.
That lead lasted three minutes as Doherty stretched to clear a ball over the top only to divert it over Keller and into the empt net.
You were already thinking that goals were on the menu again when Defoe struck, speeding onto a Davies pass on the right side of the box, away from Taggart and shooting low across Walker into the bottom corner - 13 minutes, 2-1.
Walker did well to save from an almost identical Keane chance to Defoe's goal but the third wasn't far away. Walker was involved again, this time having little choice but to pick up Taggart's back pass and therefore giving away an indirect free-kick in the area. Jackson's initial shot was blocked but Leicester failed to clear and Keane rammed home from eight yards.
Freund, given the loudest welcome back by the Lane faithful you're likely to hear, seemed on a mission to score but the closest of a number of efforts whistled over a minute before the break.
In fact, it could have been 4-1 at the break as Carr picked out Jackson's run, he headed back to Keane and his low shot was tipped away by Walker.
The action wasn't over though, far from it. Ferdinand, still such a handfull at 37, kick-started Leicester's revival after 50 minutes when Freund caught Jackson in possession and the ball squirmed kindly to the striker, who slotted past Keller.
Scowcroft headed a good chance just wide after 59 minutes and Doherty couldn't keep his header down from Defoe's fine cross after 65.
The game then went mad for 10 minutes. Scowcroft was sent off for an over the top tackle on Taricco but as icky Adams plotted how to reshuffle, Foxes levelled with Thatcher powering home Guppy's corer.
Bent came on for Ferdinand and incredibly put Leicester ahead with just about his first touch. It was another bizarre goal as Doherty's back pass was a fraction short, Dickov blocked Keller's clearance and Bent tapped into an empty net - 76 minutes, 4-3 down.
Walker rediscovered his form to keep out King and Carr but there had to be a twist in the tale - thankfully, it arrived via Defoe in the 88th minte. King dinked in a delicious pass, Defoe controlled and lashed the ball into the roof of the net for 4-4.
MINUTE BY MINUTE
4mins: SAVE. Dickov between Doherty and Richards, Keller saved well with legs.
5mins: GOAL. Brown curling free-kick bounced just in front of Walker and through his hands. 1-0.
8mins: GOAL. Ball over the top, Doherty attempted clearance over Keller, own goal. 1-1.
13mins: GOAL. Davies through to Defoe, clinical finish one-on-one, 2-1.
17mins: SAVE. Keane away from Thatcher, into box, low shot saved to his right by Walker.
28mins: GOAL. Walker picked up Taggart back pass, Jackson shot blocked, ball bobbled around before Keane drilled home from eight yards. 3-1.
43mins: Dickov turn and shot from edge of box saved by Keller.
44mins: Freund 20-yarder flew over.
44mins: Brilliant spot from Carr to pick out Jackson's run, header back to Keane, low shot tipped away by Walker.
Half-time: Spurs 3-1 Leicester
46mins: YELLOW. Taggart for foul on Brown.
49mins: SUB. Davidson for Taggart.
50mins: GOAL. Jackson caught in possession, Ferdinand cool finish from 18 yards. 3-2.
56mins: YELLOW. Dabizas for foul on Davies.
59mins: CLOSE. Deep Scimeca cross headed a foot wide by Scowcroft.
60mins: SUB. Anderton for Jackson.
65mins: Defoe cross from byline, Doherty climbed above Scowcroft but couldn't keep header down.
66mins: Keane twisted and turned in box, Davidson vital tackle to clear danger.
67mins: Scowcroft control and volley wide.
68mins: RED. Poor tackle from Scowcroft, over the top on Taricco, straight red card.
71mins: GOAL. Guppy corner headed home by Thatcher, classic Leicester goal. 3-3.
72mins: SUB. Bent for Ferdinand.
76mins: YELLOW. Dickov for foul on Taricco.
76mins.GOAL. Doherty back pass slightly short, Dickov challenged Keller, Bent tapped home. 3-4.
77mins: SUB. Kanoute for Brown.
82mins: Walker decent save from King's low 30-yarder.
83mins: YELLOW. Taricco for foul on Dickov.
84mins: SAVE. Walker at full stretch to tip Carr's 25-yard effort wide.
87mins: SUB. Sinclair for Dickov.
88mins: GOAL. King dink into Defoe, smashed it home from six yards. 4-4.
Injury time: Doherty looped header over from King's cross.
Line-ups: Spurs: Keller, Carr, Taricco, Doherty, Richards, King, Brown (Kanoute, 77), Jackson (Anderton, 60), Davies, Keane, Defoe. Subs: Poyet, Dalmat, Burch.
Leicester: Walker, Taggart (Davidson, 49), Nalis, Ferdinand (Bent, 72) , Scowcroft, Freund, Scimeca, Dickov (Sinclair, 87), Guppy, Thatcher, Dabizas. Subs: Coyne, Stewart.
Referee: Neale Barry.
Jermain Defoe rescued a point after another amazing encounter at the Lane.