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.

Jealous, harried air traffic controller Max Fielder, recently dumped by his girlfriend, comes into contact with nuclear waste and is granted the power of telekinesis, which he uses to not only win her back, but to gain a little revenge.