Quinton McHale, a retired Lieutenant Commander, spends his days cruising the Caribbean aboard his ancient PT-73, selling homebrew, ice cream, and bikini calendars. He is dragged out of retirement when his former foe, Major Vladikov, takes over the island of San Moreno and begins construction of a nuclear launch silo. McHale attempts to put Vladikov out of business with the assistance of his old crew and the impediments of Captain Wallace B. Binghampton, who recently sank a cruise liner.