The opening goal came with only three minutes played when Graeme Sharp turned home a pass from Martin Bavidge and it was 3-0 by half time.
Nicky Clark shot home from the edge of the box after a David Donald cross had been dummied by Sharp on 39 minutes and, a minute from the interval, David Ross converted after good work from Bavidge.
After they got a goal back, Airdrie's hopes of a comeback ended as captain Paul Lovering was dismissed when he appeared to stamp on Clark.
Ross added a fourth with 11 minutes to go and Ryan McCord put through his own goal right at the death to complete a miserable night for the Diamonds.
Albion Rovers were quick out the blocks after their long journey to Elgin and looked to be heading to the top of the Third Division. However, the Borough Briggs men hit back to mug them in a 2-2 draw using a Gunn and Crooks double-act.
Chris Hamilton combined with fellow wide man Chris Boyle to open the scoring after 11 minutes and Robert Love added to the lead when he converted a Steven Canning pass.
Elgin hit back with Craig Gunn converting a Barry Wilson cross in 24 minutes in spectacular style to reduce the deficit, and they grabbed a leveller from the penalty spot 13 minutes later when Jason Crooks converted.
Wilson came closest to a winner with a free kick in the second half that curled just wide, with visiting captain Ciaran Donnelly also going close with a well hit shot that was saved by Peter Donnelly.