A group of socially-inept students trying to get revenge on their harassers. It's time for the odd to get even.
Best friends and nerds Lewis Skolnick and Gilbert Lowe enroll in Adams College to study computer science. The Alpha Betas, a Fraternities and sororities that includes most of the Adams football team, carelessly burn down their own house, and urged by Coach Harris, take over the freshman dorms. Dean Ulich designates temporary living space in the gymnasium, and allows the freshmen to rush the fraternities. Lewis, Gilbert, and several other nerds fail to join fraternities, but are able to secure a dilapidated house on campus and repair it as a residence.
The Lambda Lambda Lambdas from Adams College are packing their suitcases to get ready for a national fraternity convention in Fort Lauderdale, Florida. Just before heading to the airport, Lewis' (Robert Carradine) best friend Gilbert (Anthony Edwards) explains to him that he feels stupid that he cannot come, due to breaking his leg (during a chess match).
A new generation of nerd students now rule on campus at early-90's Adams College. The Alpha Betas are respectful of the nerds' prominence, some even wishing their Fraternities and sororities could have a better academic record. Everything changes when a successful but reprehensible businessman, Orrin Price (Morton Downey, Jr.), becomes a member of the Adams College Board of Regents. A new generation of Jock (subculture)s has also just come to Adams, including Orrin's nerd-hating son. Former Alpha Beta Stan Gable, now a motorcycle police officer, is installed as the new Dean of Students by Orrin Price.
Skolnick and his fellow nerds plan a bachelor party for Booger, despite the disapproval of his future in-laws.