As graduation nears for the class of 1955 at Angel Beach High, the gang once again faces off against their old enemy, Porky, who wants them to throw the school's championship basketball game since he has bet on the opposing team.

Bob McGraw is in his 12th year of college, goofing his way through life. Bob, Irwing, Gonzer and Max are the four losers forced and bribed to represent their university in an intercollegiate raft race. Forced and bribed into this role, they make some friends, the lovely Heather Merriweather, but mostly enemies, among others a whole team of marines, and preppy IVY-leaguers determined to win.

For cynical tabloid journo Richard Dees, facts are always stranger than fiction. Every headline is a dead-line. Serial killers, UFO abductions, tales of molestation, mayhem and murder. To some the tales are mere sleazy fantasy – but his faithful readers believe. And now there's a new story: The Night Flier. What is it that travels by night in a dark-winged Cessna, lands at secluded airfields and murders local residents? Dees begins to track the unknown killer in a Cessna of his own, uncovering clues that reveal a pilot more terrifying than he could have ever imagined.