Nervous high school senior Tom Lawrence visits Port Chester University, where he gets a taste of politically correct college life when he's guided by fraternity wild man Droz and his housemates at The Pit. But Droz and his pals have rivals in nasty preppy Rand McPherson and the school's steely president. With their house threatened with expulsion, Droz and company decide to throw a raging party where the various factions will collide.

When a corporate raider threatens a hostile takeover of a 'mom and pop' company, the patriarch of the company enlists the help of his wife's attractive daughter—who is a lawyer—to stop the takeover. However, the raider soon becomes infatuated with her, and enjoys the legal manoeuvring as he tries to win her heart.