On New Year’s Eve, 1982, Max Wolfe, the owner of the Saturn Theater, tests a model spaceship that will be launched as a finale to his concert that night. Stage manager Neil Allan experiences love at first sight when he encounters Willy Loman, a former female Saturn employee. She reports that she left the music business following the loss of her latest venue to real estate tycoon Colin Beverly. Moments later, Colin appears with his minions, Mark and Marv. Max’s nephew and heir, Sammy Fox, idolizes Colin, but Max despises the tycoon. Colin offers Max $1.2 million and the use of his stadium in exchange for leasing the Saturn, but Max refuses, saying that audiences should be able to “see the stage, afford the tickets, and hear the music.” After harsh words are exchanged, Max clutches his chest and falls to the floor. Sammy abandons his uncle and offers to assist Colin in securing the lease. Max is attended to by Dr. Carver, who informs the crew that Max suffers from indigestion and needs to rest. Saddled with a heavy workload, the crewmembers express the need for a powerful stimulant. A black-clad apparition named Electric Larry appears in a cloud of smoke and grants their wish. Sammy, believing his uncle is near death, is determined to get Max’s signature on a release form by midnight. Backstage, a young stagehand named Joey complains to Neil about his troubles with women, while outside, Captain Cloud and the Rainbow Telegraph disembark from a psychedelic school bus named Furthur. Max is overjoyed to see the band, even though they are fifteen years late for the Saturn’s 1968 opening, and he invites them to sing “Auld Lang Syne” at the show’s conclusion. Moments later, a battered 1957 Chevrolet arrives, containing singer Nada and the thirteen women who comprise her band. Locked in the trunk is punk rock star Piggy, who goes on a violent rampage the moment he is released. Fire inspector Connell O’Connell appears, and warns Neil that no fireworks or pyrotechnics of any kind will be allowed, or the theater will be closed. Meanwhile, legendary blues singer King Blues attends the funeral of Howard Blind Luther Washington, his guitarist and driver. Luther Junior, who prefers the name, “Cool,” inherits his father’s position and takes his employer on a harrowing ride to the Saturn Theater. When Willy announces her departure, Neil and Max convince her to stay, promising a rare appearance by the iconic singer-songwriter, Auden, who has not left his apartment in six years. Auden hires a taxi and tells the driver to “take the scenic route,” allowing him time to write a song for the occasion. Veteran rock star Reggie Wanker flies to the Saturn in his private jet, accompanied by his girl friend, Countess Chantamina, and his band, all of whom consume large amounts of cocaine. Elsewhere in the city, Colin makes a presentation to his investors, in which he destroys a model of the Saturn as a modern glass-and-steel tower rises from the rubble. As show time approaches, the doors of the Saturn open and the audience pours in. Among the crowd is Neil’s teenaged sister, Susie, who came to the show without her parents’ knowledge, prompted by rumors of an appearance by Auden. She makes her way backstage as King Blues and Cool open the show accompanied by a band comprised of Hassidic Jews and a stagehand named Arthur. They start with the King’s classic, “I’m Your Hoochie Coochie Man.” When Sammy learns that Max is not seriously ill, he reports to Colin, who in turn orders Mark and Marv to destroy the building with a time bomb. Piggy makes a guest appearance with Nada and her band, and performs “I’m Your Hoochie Coochie Man,” as members of the audience, including Susie, dive into the crowd from the balcony. Later, as Reggie and his band assemble on the stage, Willy sees Chantamina flirting with Neil and leaves the theater in a fit of anger. Mark and Marv sneak into the building and give Sammy the explosive device, assuring him that it is a harmless stink bomb set to detonate at midnight. While Sammy hides the bomb in the spaceship, Reggie performs his rendition of “I’m Your Hoochie Coochie Man.” Sammy runs to the door and collides head first with O’Connell, as Electric Larry adds LSD to the water cooler. When Neil gives Sammy a drink of the drug-laced water, the young man rejects materialism and bonds with Captain Cloud’s troupe. Outside, Willy learns of the time bomb, but is abducted by Colin before she can warn Neil. While Reggie’s drummer, Toad, takes an extended solo, the singer engages in an orgy with several young girls. Chantamina seduces Joey as an act of revenge, but becomes enamored with the boy and his sexual prowess. When Reggie discovers Chantamina’s infidelity, he returns to the stage and expresses his heartbreak to the adoring audience. Afterward, he asks Neil for a drink of water. Meanwhile, Auden’s taxi careens through the streets and collides with Colin’s limousine, allowing Willy to make her escape. She informs Neil of the bomb, which they remove from the spaceship with only seconds remaining before it detonates. The bomb is passed through the crowd, out the front door, and into Colin’s limousine. Upon explosion, the tycoon and his minions become airborne and crash through the roof of the theater, while Captain Cloud sings “Auld Lang Syne.” Reggie feels the effects of the LSD as he enters a restroom, and imagines a lecture from his penis on the sorry state of his career. The singer is impressed and hires the penis as his manager. Chantamina asks Joey to marry her, King Blues takes Arthur and the Jews band on the road, and Sammy joins the Rainbow Telegraph. Auden arrives as the audience files out, owing $11,864.90 in cab fare. Inside, Max announces his retirement to Neil and Willy, and turns the theater over to them. Susie sits in rapt attention as Auden sings just for her.