A gay cabaret owner and his drag queen companion agree to put up a false straight front so that their son can introduce them to his fiancée's conservative moralistic parents.

At popular South Beach University, filthy rich super-snob Victoria English is the absolute queen of leading Greek student club, Sigma Sigma. In order to achieve her crowning ambition, winning FHM Magazine's annual best sorority, she must recruit atypical 'Sigmies' to fulfill the diversity criteria. Ambitious sycophant pledge Kristen Haas helps her attract 'losers' (too poor, ugly, unfashionable), who are cruelly put through excruciating hazing, without intent to actually enroll them. Gloria, the brightest and most assertive pledge, wins the heart of Derek 'baby Dick', Victoria's ideal, yet constantly abused boyfriend, whose bitch-addiction is cured by this alternative lover. Together they lead the revolt of the not-even-nerds.

Luther Campbell takes the starring role as himself in this hilarious and star-studded peek into Uncle Luke's Freakfest Weekend that stars such popular celebrities as Doug E. Fresh, Lawrence Taylor, Don "Magic" Juan, and Wu-Tang Clan. Just as Don "Magic" Juan is kicking back to enjoy the freak show, he realizes that three computer-savvy players have hacked his credit card and embarked on a wild spending spree. Meanwhile, back at the Freakfest, three young women are trying to live it up like never before.