The crew of PT-73 get into trouble when they back the wrong horse in a race. Now they have to come up with a way to raise the money to pay off the winners.

Retired Lieutenant Commander Quinton McHale spends his days puttering around the Caribbean in the old PT-73 selling homebrew, ice cream, and swimsuit calendars. He's brought out of retirement when Major Vladikov, his old nemesis turned the second top terrorist in the world, takes over the island of San Moreno and starts building a nuclear launch silo. With help from his old crew and hindrances from Captain Wallace B. Binghampton, who sank a cruise liner a while back, McHale aims to put Vladikov out of business.