Murray finished Jeremy Major's alley-oop to push the Waves (8-6, 1-2 West Coast Conference) to a 65-61 lead with 3:04 left in overtime. From there, Pepperdine made 3 of 6 from the foul line - enough to hold off the Lions (7-7, 0-3), who made two of their last seven shots.
Loyola Marymount took its only lead at 61-59 on Adom Jacko's 3-point play with 1:47 left in the second half. The Waves tied 14 seconds later when Jacko committed a goaltending violation on Raines' attempt.
Both teams missed on their chances to pull ahead in the final minute of regulation.
Jacko had 21 points on 9-of-14 shooting and nine rebounds.