The movie follows Bernie, a record producer who persuades his nephew Frankie to create a new rock star that will help Bernie overcome his work related ennui. Iggy, the burnt out roadie pillages the graves of various celebrities such as Buddy Holly, Jimi Hendrix, and Sid Vicious, using the head of Elvis Presley to top things off. All goes according to plan until a mishap leads Iggy to steal Liberace's private parts instead of those of Jim Morrison. The monster is brought to life and is on the road to rock 'n' roll success when the Liberace side of the monster begins to assert itself, with tragic results. The result: a monster (Guggenheim) with the sex drive of a macho rock star and the sexual orientation of Liberace.

Jim Ryan and Kate Conroy love each other, but John Conroy stands in the way of their happiness until Jim Ryan recaptures a prized colt.