Hollywood. 1955. Faced with two inexperienced actors, a film director encourages the leading lady and leading man to fall in love in real life so as to provide the heat needed for the inner film's romance, which enrages the actress' possessive gangster boyfriend, who happens to be the film's financier.

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.