A series of loosely connected skits that spoof news programs, commercials, porno films, kung-fu films, disaster films, blaxploitation films, spy films, mafia films, and the fear that somebody is watching you on the other side of the TV.

Lieutenant Ted Jackson spends his lat day on active duty in the Navy disarming an underwater mine. While disarming the explosive he sees what appears to be a sunken ship. Overcome with curiosity, he investigates and finds a treasure chest filled with what he thinks are Spanish gold coins.