Owen's late double lifts England
Hernan Crespo had opened the scoring for Argentina before Wayne Rooney levelled before half-time.
Walter Samuel regained the lead for the South Americans before Owen struck with two typically predatory finishes.
While one-half of South America's heavyweights fell to defeat, Brazil romped to an 8-0 win over the United Arab Emirates, with seven goals fired past the shellshocked home keeper in the second half.
Juninho Pernambucano and Fred both bagged a brace, while Kaka, Adriano, Lucio and Cicinho also got on the scoresheet.
Italy battled back from a goal down to turn over World Cup rivals Holland 3-1 in the Amsterdam Arena.
Ryan Babel had given the home side the lead but three goals in under 10 minutes either side of half-time from Alberto Gilardino, an own-goal by Ron Vlaar and Luca Toni sealed a morale-boosting victory for the Azzurri.
Another clash between two titans of European football ended in stalemate as Germany held France to a goalless draw in the Stade de France.
An entertaining game in Seoul saw South Korea draw 2-2 with Sweden, who twice had to come from behind against the semi-finalists from World Cup 2002.
Two goals in the first 10 minutes saw Johan Elmander level up Ahn Jung-Hwan's strike. South Korea took the lead again only for Markus Rosenberg's 58th-minute effort to ensure honours remained even.
The United States stepped up their preparations for the World Cup with a 1-1 draw at Hampden Park against Scotland.
Josh Wolff had given the Americans an early lead from the penalty spot only for Andy Webster to head an equaliser for the home team.
Portugal eased to a 2-0 win over Croatia thanks to goals in either half from Petit and Pedro Pauleta.
A last-minute strike from Nice striker Bakary Kone gave Ivory Coast a 2-1 win over Romania.
The African side, who are warming up for their first-ever World Cup finals, took the lead early in the second half through Arouna Kone only for Adrian Mihai Iencsi to almost immediately level.
But Bakary Kone came off the bench to score from close range to send the Ivory Coast into their friendly with Italy on Wednesday in high spirits.
Elsewhere, two goals from Vladimir Korytko helped Belarus to a 3-1 win over Latvia, while Chavdar Yankov, Dimitar Berbatov and Svetoslav Todorov bagged two goals apiece as Bulgaria routed Georgia 6-2.
A late equaliser from Joel Lindpere saw Estonia secure a 2-2 draw in Finland and Ajezdin Nuhi's winner at the death enabled FYR Macedonia to record a 2-1 victory over Liechtenstein.
Senegal emerged 3-2 victors over South Africa in the Nelson Mandela Challenge, Souleymane Camara, Diomansy Camara and Momar Ndiaye getting on the scoresheet for the Senegalese.