In the sleaziest corner of Los Angeles, the King Edward Hotel has a new arrival in the form of Cheryl, a runaway teen. She's hoping to put her life back together but somewhere in the musty halls of the King Edward lurks another guest — who just loves to chop people apart!

A group of six thieves selected from different areas are sent a letter that promises them a minimum of $50,000 and includes a plane ticket. The letter instructs them to grow a beard. After being given a blindfolded ride from the airport, they arrive at a ghost town and meet with the boss (Number #1, Jan Murray). All of the "Wolves" are assigned a number, wear identical overalls and instructed never to take off the gloves that they are given. They are only to address eachother by their numbers; in that way, if one is caught, he can't rat-out the others. Number #1 reveals to them that they will take over a town, and clean it out. Using the ghost town for training, they develop their tactics to fleece the town.