Moronic metalheads Wayne (Mike Myers) and Garth (Dana Carvey) broadcast a cable-access show from Wayne's basement. Their wisecracks about youth, music and girls are picked up on by a TV executive (Rob Lowe), who pays them to produce a 'new, improved' programme for national TV. But the pair discover that fame has its price when they lose control of the show and the TV executive starts pursuing Wayne's girlfriend.

The terrible twosome return for another burst of MTV-inspired comedy mayhem. It is now two years on, and the boys' cable show, now relocated to a nearby warehouse, is still doing well. However, when Wayne (Mike Myers) is visited by the ghost of Jim Morrison, he receives a new mission in life: he must now organise a massive rock festival - Waynestock. Meanwhile, his girlfriend Cassandra (Tia Carrere) seems to be interested in another slimy record producer (Christopher Walken), and his best friend Garth (Dana Carvey) is making romantic overtures towards sexy Honey Hornee (Kim Basinger).