At an absurdly self-indulgent student film festival, the directors of the (mostly terrible) short films start getting killed off one by one and a budding British documentary filmmaker decides to investigate.

Vietnam veteran Archibald Wright is a house painter hired to work on a Beverly Hills mansion where he becomes involved in the life of the resident family. The owner Elaine left her husband J.P. while he was serving in Vietnam, causing him to become an alcoholic hobo living in downtown Los Angeles. Archibald tries to help their daughter Tory to continue her relationship with her father, even though Elaine is strongly against it.

Jack, a soon-to-be graduate, finds he's having a difficult time letting go of the college life -- and decides maybe he doesn't have to. Also questioning whether there's life after college are Jack's roommates: Rob, who fears domestication; comic-strip artist Mickey, who's shy around girls; intellectual party animal Slosh; and perpetual student Dennis.