Woods' second title at this event also gave him 50 wins for his PGA TOUR career. At the age of 30, he is the youngest to reach that plateau and seventh all time to reach the mark.
He has now won 36 of 39 times he has had at least a share of the 54-hole lead. Woods also won this crown in 2002 at Warwick Hills Country Club and finished Sunday at 24-under-par 264.
Jim Furyk, the 2003 winner here, fired an 8-under 64 to end alone in second place at 21-under-par 267. He shared the lead after 16 holes, but could only par the final two to end three back. Joe Durant was one stroke further back at minus-20 after a final-round 67.
Reigning Rookie of the Year Sean O'Hair posted a 5-under 67 to end in a tie for fourth at 19-under-par 269. He was joined there by Vaughn Taylor (68) and Scott Verplank (69).
Woods seemed poised to run away with the crown early on Sunday. He drained putts of four, 12 and 19 feet as he made three straight birdies from the third to move to 21-under par and three strokes clear of the field.
The 30-year-old two-putted for birdie on the par-5 seventh to go three up on Verplank. Woods had birdie putts ranging from 13 to 30 feet on each of the next four holes, but was unable to sink any of them.
At the short par-4 12th, Woods missed the green left and had a difficult pitch. He left that chip in the rough for his only missed green in regulation for the round. Then he ran his third shot 18 feet past the cup. Woods two-putted for bogey to slip to 21-under par and a share of the lead.
Furyk was playing flawless golf several groups ahead of Woods. Furyk collected three front-nine birdies to move to 16 under. Around the turn, he birdied five of the first six holes to join Woods at minus-21.
Woods spun his third shot to the par-5 13th to one foot and kicked that in for birdie and a one-stroke lead.
Furyk was unable to put any more pressure on as he parred the final three holes to close a bogey-free round.
Woods stuck his second shot 3 feet from the hole on 15 and rolled in that putt for birdie.
At par-3 17th, where a rowdy crowd gathers yearly, Woods had over 40 feet for birdie. He missed the putt badly and was lucky as someone threw an apple across the green as his ball rolled towards the hole.
The apple missed Woods' ball and the world's No. 1 player didn't even flinch at the distraction before calmly sinking his par effort.
At the last, Woods played his second shot 10 feet from the hole and poured that in for birdie and the win.
Furyk, who was looking for his second crown here, settled for second for the third time this year. He was trying for his first win since beating Trevor Immelman in a playoff at the Wachovia Championship in early May.
'I'm happy with the way I played,' Furyk stated. 'I really had it going on the backside. I lipped out a little one on 12, then kept it going on 13 and 14.
'I wish I gave myself a little bit more opportunity 16 through 18 to try to make a putt, but I got a little loose with my swing and didn't hit it in there as close as I would have like to. Overall, 8-under for the day I am happy with the round, but I would have loved to birdie one or two of the last three holes.'
Tom Pernice, Jr. fired an 8-under 64 Sunday to move into a tie for seventh. He ended alongside Woody Austin, Harrison Frazar and Brett Quigley at 18-under-par 270.
Vijay Singh, who had won this crown each of the last two years, was one stroke further back at minus-17.