The Sixers, who normally play across the street at the Wachovia Center, gave a capacity crowd one more thriller to remember in their first game here since April 19, 1996.
The Sixers played their first game at the Spectrum on Oct. 18, 1967, and beat the Lakers 103-87.
This one was a lot tighter down the stretch and the Sixers were saved by a pair of clutch blocks in the final minutes. The first was Iguodala's rejection of Ben Gordon's shot, then Samuel Dalembert stuffed Derrick Rose in a play the Sixers turned into Young's clinching dunk for a 104-101 lead that electrified the crowd.
Moments earlier, the Bulls threatened to make it 42 years, plus an overtime.
Gordon's 3-pointer with 36 seconds left tied the game at 101, then Iguodala put the Sixers ahead by one when he made the second of two free throws.
Rose led the Bulls with 20 points.
Andre Miller had 13 points and 13 assists, and Dalembert grabbed 19 rebounds for the Sixers.
The 76ers led by 11, but Tim Thomas buried two quick 3-pointers and tied the score at 88. Young tied his career high of 29 on a soft jumper that made it 90-88.
Young scored 29 only two nights earlier in a win against Toronto.
Perhaps the Sixers were inspired for a thrilling victory by the pregame festivities that included two banners for the Sixers championship teams unfurled from the rafters, along with one former public address announcer Dave Zinkoff.
Erving thanked the fans and told today's 76ers to be great ambassadors for the city. Then he issued his challenge for Philadelphia to, "take care of the Chicago Bulls like we used to."
"There will be a void when this building doesn't exist anymore," he said. "I used to proudly bring family and friends to Philadelphia and find time to bring them down to see the statue of me."
Young had to make Erving proud when he scored 14 points in the third quarter, driving to the hoop for easy baskets and hitting mid-range jumpers on the refurbished 1983 championship court.
The authentic court was one of many old school features for the special night. Most notably, no rap or dance music was blasted through the arena during play. Some oldies were played during timeouts, and recordings of organ music were played to pump up the fans. There were plenty of fans as a sold-out crowd of 17,563 filled the last row of the arena for once for the Sixers, who entered the game 24th in the NBA in attendance.