The milquetoast Arnold Broomsteader works as an illustrator for American Automobile Magazine and is going nowhere fast. But in his fantasies, he steals a red Cadillac convertible and realizes all of his most outlandish sexual desires.

Two women are interviewed about their elaborate sexual fantasies, which play out for the viewer.

After five years of marriage, Stephanie is unsatisfied with her husband Al, she then visits a house of prostitution run by Josephine Farmer. She gets hired as a part-time lady of the afternoon after Farmer tests her lesbian style. Meanwhile Al beds down with next door neighbor Ginger, on the pretense of bumming a cigarette from her. Stephanie gets a first customer who's quite uptight and she relaxes him patiently bringing him to a money shot. Hubby Al finds the madam's business card in a book Stephanie was reading, and he heads there, nicely serviced by whore Toni.

Carol Scrooge, the curmudgeonly owner of a sleazy skin publication, insists that her employees work on Christmas. However, on Christmas eve, Miss Scrooge is visited by three ghosts, each of whom shows her a different vision of Christmas, from Carol's lurid past of sexually manipulating her childhood friends to the meager Christmas celebrations of her present-day employee, Bob Hatchet and his wife, to a terrifying and sleazy vision of Christmas yet to come; each visit is infused with a barrel of laughs and a valuable lesson about the importance of giving and holiday spirit.