Bologna, 1976. The paths of two aimless young friends intertwine with those of Radio Alice, a pirate radio politically aligned with the leftist student movement.

Inspired by the work of Italian underground comic book prodigy Andrea Pazienza, Paz! is a 24-hour slice of life of a bunch of students living in a flat in Bologna during the 70's, divided between marjuana, university, girls and political activism.

April 24, 1993: it's the last broadcast of Radiofreccia, an independent radio station closing after 18 years, barely one minute before coming of age. Bruno, one of its founders, begins to tell its story, the story of a group of friends—especially troubled Freccia's—and a period of their youth in their small hometown.