Christmas Eve tells the story of Michael, a man working hard to make ends meet in Brooklyn. An unexpected connection with a stranger offers him a break from the routine - and a glimpse into shared humanity despite differing social status - all on one cold December night.

At popular South Beach University, filthy rich super-snob Victoria English is the absolute queen of leading Greek student club, Sigma Sigma. In order to achieve her crowning ambition, winning FHM Magazine's annual best sorority, she must recruit atypical 'Sigmies' to fulfill the diversity criteria. Ambitious sycophant pledge Kristen Haas helps her attract 'losers' (too poor, ugly, unfashionable), who are cruelly put through excruciating hazing, without intent to actually enroll them. Gloria, the brightest and most assertive pledge, wins the heart of Derek 'baby Dick', Victoria's ideal, yet constantly abused boyfriend, whose bitch-addiction is cured by this alternative lover. Together they lead the revolt of the not-even-nerds.

When police officer Nihaal releases a notorious criminal, Romeo, by mistake, he expects to be fired, but is instead hired by the FBI to track down and identify Romeo, who is a terrorist on the Most Wanted list. Nihaal manages to find Romeo, but rather than turning him in, he helps him escape, and winds up on the Most Wanted list himself.

Two photographers pursue a mysterious figure caught on film near the scene of a murder. As they try to catch him in the act of another crime, they discover that their cameras can be used to portray this man as a villain - whether it's true or not.