A vengeful spirit has taken the form of the Tooth Fairy to exact vengeance on the town that lynched her 150 years earlier. Her only opposition is the only child, now grown up, who has survived her before.

After discovering a passenger ship missing since 1962 floating adrift on the Bering Sea, salvagers claim the vessel as their own. Once they begin towing the ghost ship towards harbor, a series of bizarre occurrences happen and the group becomes trapped inside the ship, which they soon learn is inhabited by a demonic creature.