Heidi, star of the "Meet The Feebles Variety Hour" discovers her lover Bletch the Walrus is cheating on her. And with all the world waiting for the show, the assorted co-stars must contend with drug addiction, extortion, robbery, disease, drug dealing, and murder.

The Dwarves, Bilbo and Gandalf have successfully escaped the Misty Mountains, and Bilbo has gained the One Ring. They all continue their journey to get their gold back from the Dragon, Smaug.