When five friends discover a mysterious film reel that inspires their imagination, all long-awaited dreams seem to come true - even the dark ones.

A young teacher in Zurich in the 1950s falls in love with a transvestite star but is torn between his bourgeois existence and his commitment to homosexuality. He joins a gay organization that is eventually seen as the pioneer of gay emancipation in Europe.

A poor orphan ends up in a high society until a pair of red shoes forces her to dance forever.