The Spiders (26-6), who eliminated Indiana in the first round, will play top-ranked Temple, which ousted Georgetown yesterday, in a regional semifinal in East Rutherford, N.J., on Thursday.
"We're not saying, 'Oh, geez, it's Temple,' " Richmond guard Ken Atkinson said. "It's Temple that ought to be saying, 'Oh, geez, it's Richmond.' "
"The last 48 hours, we've been in dreamland," Woolfolk said. "No one expected us to get this far. Everyone's looking down at us and blowing us off. But we're going to be fearless."
Georgia Tech (22-10) shot only 33 percent from the field and was outrebounded by 44-37 by the smaller Spiders, who played conservatively on offense.
"The battle was to control the tempo," Tarrant said. "We felt, if we could get the score in the 60s, we'd have a good shot of winning."
"We can play at that pace," Tech coach Bobby Cremins said. "But we didn't make things happen at crucial times."
Dennis Scott and Brian Oliver scored 15 points each to pace Tech, which was seeded fifth in the East.
Richmond, seeded 13th, switched effectively between a 3-2 zone and a box- and-one designed to stop Scott, a 6-foot-8 swingman who shot only 6 for 19
from the floor.
In the final 3 minutes, 3 seconds, Richmond missed 8 of 13 free throws, including the front end of five one-and-ones.
The Spiders led by 53-43 with 2:42 remaining, but the Yellow Jackets scored 12 of the final 18 points.
Tech pulled to within 57-55 on Scott's three-pointer with 34 seconds remaining. Richmond's Benjy Taylor, a reserve guard, then hit both ends of a one-and-one with 29 seconds left to complete the scoring. Woolfolk grabbed a defensive rebound with 11 seconds to go to secure the victory.
Woolfolk, a 6-5 forward who shot 11 for 21, drew admiration from Tech forward Tom Hammonds.
"He has tremendous moves," Hammonds said. "He's so tough, he can get you in the air and, when he's in the air, he can draw the foul."
Richmond center Steve Kratzer finished with 12 rebounds and four points. Woolfolk was the only Richmond player in double figures in scoring.
Hammonds, who had scored a career-high 33 points in Tech's victory over Iowa State on Friday, managed only eight yesterday.
Richmond had defeated Georgia Tech, 73-67, on Dec. 23 in Atlanta.
In yesterday's first half, Tech shot only 22 percent from the floor, hitting 5 of 23 shots, and it was outrebounded by 22-14.
Richmond went ahead to stay with a 17-2 surge midway through the half. Tech led by 12-8 with 10:59 remaining in the half but didn't score another field goal until 2:34 remained, by which time Richmond had taken a 25-14 lead. Mike Winiecki scored seven points in the Spiders' burst.