Rachubka pulled off a string of spectacular saves to hold the home side at bay, as they somehow failed to collect a win to ease the pressure on under-fire boss Colin Calderwood.
The manager can consider himself unlucky if he is sacked following this display, after a remarkably one-sided match in which Forest had 16 shots on goal and 16 corners.
Following an early, angled effort from Adam Hammill that Lee Camp smothered easily, it was Forest who made the early running.
Brendan Moloney picked out Nathan Tyson with a superb pass towards the near post, where the striker's prodded shot appeared to be deflected wide by a desperate lunge from Rob Edwards - who then had to go off injured.
Alex John-Baptiste then brought down the rampaging Tyson on the edge of the box to earn a booking - and allow Chris Cohen to deliver an enticing free-kick perfectly for Wes Morgan to power a header onto the bar and over.
It took a superbly timed challenge from Moloney to deny Liam Dickinson a free shot on goal, after Joel Lynch had given the ball away on the edge of the Forest area.
But Morgan was denied a spectacular opener for the home side as he connected perfectly with a driven volley at the far post that Rachubka held in equally impressive fashion.
The Blackpool keeper had to react smartly again to twice deny Joe Garner, firstly when the striker hit an instant shot following some smart Forest build-up play and then when as he connected with a close-range header following Cohen's corner.
Cohen's free-kick then picked out James Perch on the edge of the six-yard box, but the midfielder headed agonisingly wide. Rachubka then came to Blackpool's rescue again, saving with his legs from Tyson, as a one-sided first half came to an end.
The second half began in similar fashion with Paul Anderson ending a striding run through the centre with a low shot that brought another good save.
Rachubka's heroics continued as he plunged to his right to palm away a low drive from Cohen and then pounced on a looping, deflected effort by Anderson.
A corner saw Matt Thornhill head the ball back into the danger-zone where substitute Robert Earnshaw just failed to make contact from close range - and, from their 16th flag kick of the game, Julian Bennett headed over.