Craig, acid-dealing punk and aspiring chemist, pours a batch of failed speed on his brother Brock's marijuana, creating a drug that induces orgiastic funk parties. This makes Craig popular at school and allows Brock to exact revenge upon his emasculating ex-girlfriend, but it also damages Craig's budding relationship with a girl he may really like. Luther, a homicidal 70s-style drug kingpin, wants the formula, and comes to get it at GrooveTaco, the play-within-the-movie, an homage to lesbian assassin hookers written by Craig's psuedo-freudian drama teacher.

Jane Fisher is a playwright with one night left to write a new script. It is already past midnight when she finally gets an idea - a cast of actors, abandoned by their director. Driven by fear of unemployment and misery, the actors decide to create a show of their own. Slowly, they grow empowered as they realize the potential their show has to tell the stories they've always longed to reveal. But everyone, as it turns out, has their price. As the clock ticks for Jane and her characters, she realizes that her characters aren't the only ones who have some tough decisions to face.