Speed, who declined the captaincy on his special day, said before the game securing three points was more important.
So, two goals from Kevin Davies plus further strikes from El Hadji Diouf and Nicolas Anelka enabled the former Welsh international and boss Sam Allardyce to enjoy their weekend.
It wasn't such a happy occasion for Hammers chief Alan Pardew who witnessed his side's 10th defeat in 13 Premiership outings. But this was probably the worst of the lot.
The Londoners were fortunate to escape an even more embarrassing defeat as Wanderers recorded only their second win in nine games.
Davies, still to agree a new contract at the Reebok, struck in each half, with his second after 50 minutes putting the result beyond doubt.
Diouf added a third 14 minutes from time with a brilliant individual goal and Anelka made it 4-0 60 seconds later from Speed's slide-rule pass.
Upton Park paymaster Bjorgolfur Gudmundsson watched on from the stands, probably wondering whether he'd bought the wrong team!
Jussi Jaaskelainen hardly had a shot to save as the Lancastrians recorded their biggest victory of the campaign.
As a result Pardew's job as well as West Ham's Premiership status is under serious threat.
Bolton's victory has them dreaming of Europe again though they're not likely to play against such charitable opposition for a while yet.
The home side were on the attack virtually from the first whistle. Anelka hadn't scored since his early evening brace against Arsenal last month.
But he had two early half chances to improve his tally since returning to the Premiership last August.
However, the shots were more the end product of an £80,000 striker than an £8million marksman.
Speed almost marked his landmark appearance with a yellow card for a mistimed tackle on Haydn Mullins but was let off with a lecture.
A minute later he and Anelka plus Diouf opened up a Hammers defence, minus Anton Ferdinand and Danny Gabbidon, for Bolton's opener.
Anelka's chip was headed back across goal by Speed, the ball broke to Diouf, who from a tight angle, crossed into the six-yard area for Davies to crash home his third of the campaign.
For a team reliant on set pieces for many of their goals this was a perfect team goal from open play.
They should have doubled their advantage in the 26th minute. Anelka delayed his attempt to shoot but managed to play in Kevin Nolan just five yards out.
The unmarked Wanderers skipper had time to pick his shot but Robert Green pulled off a miraculous save. Diouf almost set up Nolan for a second attempt but the jittery West Ham defence scrambled the ball to safety.
Diouf, booked for protesting a free kick award against him, had an opportunity to send Bolton in to the break with a 2-0 lead.
Henrik Pedersen's towering cross from the left after excellent initial approach play by Speed, eluded West Ham's central defenders once more.
However, caught almost by surprise, Diouf headed down and wide from six yards.
The miss didn't matter. West Ham's defence didn't get any better and Bolton capitalised.
To cap a great night for Allardyce he was able to introduce Ricardo Gardner as a late substitute for Speed, with the Jamaican international making his first senior outing for seven months.