Director Maurizio Nichetti is invited on TV to introduce a screening of his neo-realist classic 'The Icicle Thief'. He is horrified to discover that his black-and-white tale of life in poverty is constantly interrupted by garish color commercials, and even more horrified when a power cut in the studio causes film and commercials to mix up – a glamorous model finds herself in the arms of an unemployed pauper, while his wife finds herself in consumers' heaven. Nichetti has to break into the film to try to sort everything out.

In Los Angeles, Max Carlyle makes a good living directing commercials and has a happy home life with his wife, Mimi, and two children. When Carlyle travels to New York City to visit his friend Charlie, who has been diagnosed with AIDS, he has repeat run-ins with a beautiful woman, Karen, and eventually sleeps with her. Though he goes home the next day and doesn't return until a year later, Carlyle's infidelity still lingers.