Successful businessman Michael O'Flaherty "Speed" McBride (Pat O'Brien (actor)) is knocked out when a tramp he picked up drives his car into a river. Speed is rescued by a passing showboat. Meanwhile, the dead tramp is mistaken for Speed. Speed is eager to clear up the misidentification, but Kismet (Adolphe Menjou), a member of the crew, talks him into postponing that revelation. Speed has revealed that he is having marital problems with his wife Connie (Ellen Drew). Kismet convinces him to pretend to be a ghost to persuade Connie to get rid of a romantic rival, Gordon Tolliver (Rudy Vallée), Connie's old admirer. Comic hijinks ensue, but in the end, Connie realizes she still loves Speed.
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