On Halloween night in 1965, a group of high school pranksters – the Hollywood Knights – are enraged by the Beverly Hills Residents' Association's success in arranging for the shutdown and demolition of their favorite hangout, 'Tubby's Drive-In' diner, which is to be replaced by an office building. In response, they launch a sustained and comically vengeful campaign against the principals of the association and two bumbling local police officers charged with keeping "The Knights" in check during their last night in Beverly Hills. The ensuing antics include, among other things, a sexual encounter involving premature ejaculation, a punch bowl being 'spiked' with urine, an initiation ceremony involving four pledges who are left in Watts wearing nothing but the car tires they are left to carry, a cheerleader who forgets to put on her underwear before performing at a pep rally, an affair between 2 of the members of the association, several impromptu drag races, and the lead character of Newbomb Turk (Robert Wuhl) wearing a Majordomo outfit and singing a version of 'Volare (song)' accompanied by the sounds of flatulence. 'Mooning' also plays a prominent role in the film: one of the advertising slogans exploited the recent Apollo space program by touting that ''The Hollywood Knights'' was the first movie 'to moon a man on the land." The film concludes with the character of Jimmy headed off to join the Army and more than likely headed for Vietnam. When Jimmy's girlfriend arrives to pick him up, the viewer is led to wonder if others from the group will soon be drafted. The troubled couples come together in spite of themselves. The Pledges arrive safely and are accepted as new Knights and Dudley the nerd, having helped the Knights reluctantly all evening, is inducted into the group and secures a romantic interlude with a girl. An amusing theme song accompanies the film's credits.