The game started with a bang when Ben Burgess put Blackpool ahead in the second minute with his tenth goal of the season.
However, the clash ended in a whimper as both sides realised a draw was all that was needed.
Blackpool's opener came from a corner by Wes Hoolahan which Watford defender Lloyd Doyley failed to clear and Burgess shot home from ten yards.
The Seasiders looked shaky in defence with goalkeeper Paul Rachubka under pressure from Watford's aerial attack.
Rachubka produced an astonishing double save on 17 minutes flinging himself one way to keep out Nathan Ellington's shot and then picking himself up to block Darius Henderson's goalbound attempt from the rebound.
Blackpool picked themselves up and, in a brief spell of pressure, Hoolahan was narrowly wide with a 25-yarder before Shaun Barker was forced to clear off his own line from Henderson.
At the start of the second half Watford turned on the pressure, no doubt aware their play-off rivals were at that stage leading.
Blackpool back-pedalled furiously and Barker made a second goal-line clearance before the Seasiders counter-attacked in the 57th minute with a good move ending with Stephen McPhee hitting the post.
Henderson was cautioned in the first half and his nasty elbow in the face on Blackpool defender Kaspars Gorkss gave referee Graham Laws no choice but to red card the striker.
Two minutes later Watford equalised when Tommy Smith embarked on a defence-splitting run before beating Rachubka with a lovely low drive.
Before sides realised that a draw would do although McPhee went close for Blackpool bringing a full-stretch save from Richard Lee on 70 minutes.