Based on a true story. Three greedy capitalists, a land baroness, banker and politician, flood a Vermont farming valley to create a lake resort. Ten years later, following a severe blizzard, the three perpetrators are left stranded in nearby Ramage House and the vengeful spirits of the town are woken.

Bill and Ted are high school buddies starting a band. They are also about to fail their history class—which means Ted would be sent to military school—but receive help from Rufus, a traveller from a future where their band is the foundation for a perfect society. With the use of Rufus' time machine, Bill and Ted travel to various points in history, returning with important figures to help them complete their final history presentation.