Bob McGraw is in his 12th year of college, goofing his way through life. Bob the slacker, Irwing the alcoholic geek, Gonzer the human food disposal and Max the ne'er do well are the four losers forced and bribed to represent their university in an intercollegiate raft race. Forced and bribed into this role, they make some friends, the lovely Heather Merriweather, but mostly enemies, among others a whole team of marines, and preppy IVY-leaguers determined to win.