Carberry hit 136 not out as Hampshire, 231 in arrears on their first innings, took advantage of a placid pitch.
Lancashire resumed the fourth day at 487 for four in their first innings and from the second ball of the morning session lost VVS Laxman, who failed to add to his overnight 135 before edging a catch to Sean Ervine at slip.
Francois du Plessis and Luke Sutton added a further 81 for the sixth wicket before Sutton decided to declare.
Carberry and Adams put on 75 for the first wicket before Hogg bowled Adams.
John Crawley made only 12 before edging young spin bowler Stephen Pally to Laxman at slip.
James Vince was the third to go at 142. But then Carberry took over, plundering the bowling in an innings of 18 fours and two sixes.
Laxman was even given two overs at the death as the match petered out into a predictable draw.
