James Morrison, a poet, lies in a hospital bed with a bandaged throat while writing his account of the “wild party” in verse. One hot Saturday morning, Carlo “Charlie” Grimaldi, a.k.a. “Jolly Grim”, a silent screen comedy star, drinks his morning coffee while fretting about premiering his new film, Brother Jasper, at a party he is giving that night. He has not made a film in five years and knows the studios no longer want silent films. His mistress, Queenie, asks him to bring her a cup in bed. He refuses, and when Queenie walks to the table, he hurls his hot coffee at her. Shrugging it off, Queenie seductively changes into a slip and stockings. Aroused, Charlie throws her on the bed, but she goes limp. Charlie calls her a slut and backhands her. Queenie threatens to hit him with a marble clock and Charlie apologizes. He then pretends to be a waiter and coaxes Queenie to the table. Once seated she hands him list of people attending their party. Charlie is enraged to see how few top studio executives are coming, but Queenie reminds him that Douglas Fairbanks and Mary Pickford are also throwing a party that night. Downstairs, the maid tells Tex, Charlie’s driver and bodyguard, to drive to Pasadena, California, to pick up twenty cases of bootleg gin. As the day progresses, Queenie cajoles and wheedles people into attending the screening. Her friend Kate telephones to say she is bringing Dale Sword, a new matinee idol. When James Morrison drops by, he notices Queenie’s cheek is bruised and begs her to leave Charlie. She defends the comedian, insisting he only hit her because he was stressed and that he is the only man that ever cared about her opinions. Later, when Charlie screens the film for James Morrison, the poet protests that his name should not be in the credits as “writer” as he only wrote the title cards, but Charlie insists on helping young talent. However, when James criticizes a cannibal scene, Charlie erupts and tells him to get out. Later, as Tex drives him home, Charlie confesses his anxiety about both the premier, then confides that after the movie is a success he plans to propose to Queenie. At home, Charlie gets a call from Kreutzer, the head of Mammoth Studios, offering regrets that he will not be attending. Charlie promises to supply two sexy redheads if Kreutzer changes his mind. As the guests arrive, Charlie announces he is not drinking. One of the first arrivals is Madam True, a celluloid sweetheart that is secretly a lesbian. She is followed by Jackie, a dancer of mixed race, who passes out marijuana cigarettes. With him is Bertha, his former dance partner, who now works for him as a prostitute. Right behind them is Eddy, a stunt man with a temper and his date, Grace Jones. At the piano sits Oscar and Phil D'Armano, a pair of incestuous brothers singing in falsetto. Soon the mansion is packed with people seeking illegal booze and excitement. After Charlie and Queenie make a grand entrance, they greet Mark and Sam, two studio heads, but quickly leave them when major studio executive A. J. Murchison, and his wife, Francine, arrive. When Murchison is told the film is over eighty minutes, he tells Charlie to put it on immediately as he has only one hour to spare. As Charlie orders everyone into the projection room, Kate arrives with Dale Sword. Throughout the screening Dale cannot take his eyes off Queenie. Charlie slips out of the room and into the courtyard, where he downs two shots of whiskey. Nadine Jones, Grace’s teenage sister, arrives late and asks if she can dance to entertain the guests. Charlie sends her inside to get something to eat when Kreutzer of Mammoth arrives. Charlie ushers him in to see the last scene, but Kreutzer is unimpressed. Also unimpressed, Murchison leaves telling Charlie that his company is only interested in talking films. Queenie tries to console Charlie, but he tells her to just shut up and look pretty. He then finds Kreutzer, who also wants a talking picture, but is willing to talk about taking the film if Charlie brings him the redheads he was promised. Charlie finds two redheaded wanna-be starlets and sends them to Kreutzer. Meanwhile, the liquor flows and the party begins to swing. Jack begs Queenie to perform and she improvises a song and dance routine to “Singapore Sally.” When it is finished, Dale escorts her into the garden, where they dance before wandering off into the dark. Inside, Kreutzer insists people only want gangster films. Although the movie is set in 1785, Charlie promises to add a bank robbery scene. Charlie acts out the scene to big laughs from his guests, but Kreutzer passes on picking up distribution rights to the film. Out at the pool house, Queenie refuses to kiss Dale. When he apologizes for being a “masher,” she tells him she thinks he is nice. They go back inside and join the other guests in dancing the “Hoover Drag.” Kate cuts in to remind Dale they are expected at Mary Pickford’s party, but when Queenie refuses to come with them, Dale prefers to stay. Kate “accidentally” spills her drink on Dale and as Queenie towels the spill, Charlie arrives and yanks her away. He threatens to hurt her if she keeps messing around with Dale, but she tells him to go to hell. Dale grabs Charlie as James and Tex step between the two men. When Dale walks away with Queenie, Charlie yells that the actor is just a cheap imitation of Valentino. The crowd goes quiet as Charlie shouts that he does not need Queenie or anyone else to make a comeback. But he begins to cry and calls for Queenie. Nadine Grace, dressed in a fairy costume, appears and dances for him. Her unspoiled youth moves Charlie to tears. The party soon gets out of control as drunken, half-dressed guests chase each other through the halls. Charlie leads Nadine in search of Queenie, but every door he opens reveals an orgy. Nadine opens one door, sees her sister engaging in sex, and breaks into tears. Charlie tries to soothe her by taking her to the kitchen for cake. There, he tells the girl how much she reminds him of Queenie. Nadine informs him that her sister Grace said she should be nice to him so he will put her in one of his films and then tells him he can kiss her. Charlie does, just as Eddy and Grace arrive. Eddy starts strangling Charlie, but Queenie and Dale appear, and Dale punches Eddy out cold. Grace attacks Dale before passing out. James arrives to find Queenie nursing Dale, while Charlie moans on the floor. When Charlie gets up, he calls Queenie a slut and threatens to get even with Dale. Queenie bursts into tears before leading Dale upstairs to have sex. A drunken Charlie staggers over the bodies of his inebriated guests until he finds Kate who tells him his breakup with Queenie was bound to happen as he is too old for her. Mark and Sam begin singing for Dale to come to the Pickford party with them, but Charlie yells they still have not talked a about a deal and he again acts out the robbery scene he is planning. Tex arrives and holds up a staggering Charlie, and when James appears on the stairs, Charlie grabs Tex’s gun and pulls the trigger, accidentally shooting James in the throat. Tex grabs Charlie’s arm, causing him to accidentally shoot both Dale and Queenie dead. Charlie rushes to Queenie and cradles her lifeless body in his arms. Much later, James finishes writing up his account of the incident. When he is through, he writes “The Wild Party” as a title.