Keeper David James was the Hammers hero, saving two spot-kicks in the shoot-out after denying the UEFA Cup hopefuls on several occasions during the original 90 minutes.
The match was the first competitive game played between two professional European sides on the island and the crowd of approximately 4,000 weren't disappointed as both sides gave an energetic and committed display.
In the week the locals celebrated their annual 'Battle of Flowers' carnival, the conflict on the pitch was certainly full-bloodied as the tackles flew in during the opening stages.
The Hammers dominated first half proceedings, as Michael Carrick saw a 20-yard free-kick curl just over the bar and Paul Kitson saw the ball snatched from his toe by Utrecht keeper Harald Wapenaar in the penalty area.
The Dutch twice went close through striker Dave Van Den Bergh but the Londoners finished the half stronger, when Carrick saw an effort cleared off the line by a defender, Trevor Sinclair's shot was blocked and Joe Cole side-footed wide from 15 years.
However, it was certainly a game of two halves as Utrecht took command after the break, threatening the Hammers goal regularly. Patrick Zwanswijk rocked the bar from 20 yards and Belgian international Stefan Tanghe saw a low 20-yarder saved by James.
James also denied Van Den Bergh again, and the Hammers rallied late on with efforts from Sinclair, Jermain Defoe and Laurent Courtois.
The clash was destined to end in stalemate though and the dreaded penalty shoot-out took place in order to determine the winner of the Intertops.com trophy.
Trevor Sinclair, Christian Dailly, Michael Carrick and Laurent Courtois converted the first four of Hammers' spot-kicks, while James superbly saved Utrecht's second effort from Tanghe.
Jermain Defoe missed his side's fifth kick but Hammers secured their first - albeit minor - trophy of the season when Zwanswijk was denied by James.
Manager Glenn Roeder commented afterwards: "It was a good workout, Utrecht are in the UEFA Cup and are a very decent outfit.
"We created all the chances in the first half but I'll admit that we came under pressure in the last 10-15 minutes.
"Ideally, I would have liked to have played a few more matches against this standard of opposition but, with such a small squad here, I just can't afford any more injuries."
With now just a week left until the all-important Premiership opener at Liverpool, Roeder will now attempt to patch up the first team regulars who are currently on the injured list and ensure that his side are at full fitness for the trip to Anfield next Saturday.
Team: James, Song (Schemmel 77), Winterburn, Dailly, Soma, Moncur (Ducroq 46), Sinclair, Carrick, Kitson, Todorov (Defoe 73), Cole (Courtois 80). Unused subs: Hislop, Minto, Potts