When a crop of doped-up athletes from the Lakecrest College swim team dive into the campus lake to blow off some steam, the bloodsucking leeches below the surface undergo a stunning transformation. After ingesting small amounts of the swimmers' steroid-laced blood, the slimy creatures grow to unusual sizes and set out to sink their teeth into an unsuspecting student population.

Eighteen year-old Corey Peterson and his mother move to a small town due to a trauma in their past. On Corey's first day at Hallows End High School, he's approached by Mason, also new in town, who tells him about the death of his friend at the school and advises Corey to stay away from the wrestler Perry and his gang. When two other students vanish, Corey decides to talk to Principal Rizcheck, who pays no attention to him. Corey and Mason investigate the secret about the school and expose the dark truth about Hallows End and the missing students.

Johnny Dow struggles to make a living at his small town gas station by charging motorists to see the electric guitar used by his late father a one-hit, rock and roll wonder. Legend has it the guitar was carved in the shape of a dragon's head and made in part from an ancient spear his father found in the crater of a shooting star. When Johnny's friend Eddie stumbles upon the other half of the spear he releases an ancient demon hungry for power and destruction. Mika a beautiful Chinese warrior who holds the secret to fighting Eddie and his army of kung fu, sugar-craving warriors reveals to Johnny that the only way to stop the evil spirit is to use the first half of the spear - the dragon on Johnny's guitar! Together Johnny and Mika set out to fight Eddie and his army, reunite the two halves of the spear, restore peace to the town and - of course - save the world!