It's Halloween and SpongeBob tries to scare some kids as "The Flying Dutchman," but the kids just laugh at his silly costume. SpongeBob gets Patrick to shave his head round, so he will look more like a ghost. He goes to the Krusty Krab to show off his costume, but everyone is more afraid of what is inside the costume.

SpongeBob and Patrick play a pirate board game based on a real treasure map. Mr. Krabs joins in and wins a bunch of times in a row. The next day, Mr. Krabs takes the two boys on a treasure hunt, but they find out later that Mr. Krabs is using the game as a map, and is going crazy trying to find the Flying Dutchman's treasure.