Degenerate Monty Capuletti (Rodney Dangerfield) is perfectly content spending his life drinking, smoking and gambling with his other layabout buddies. His wealthy mother-in-law, Mrs. Monahan (Geraldine Fitzgerald), has long disapproved of Monty's irresponsible behavior, but when she dies she leaves him $10 million in her will. However, predictably, there is a catch: Monty has to change his life and live vice-free for one year in order to collect the money.

Bobby is left with the last 24 hours out of 3 the years he had given himself to become an actor. Not wanting to be just another wishful dreamer, Bobby desperately tries to score any acting job he can get.

George Bailey has so many problems he is thinking about ending it all - and it's Christmas! As the angels discuss George, we see his life in flashback. As George is about to jump from a bridge, he ends up rescuing his guardian angel, Clarence - who then shows George what his town would have looked like if it hadn't been for all his good deeds over the years.

A collection of no-holds-barred satirical sketches spoofing TV and movie cliches including celebrity cameo appearances.