As Eddie Adams, now known as Dirk Diggler, rises to fame in the adult entertainment industry, he becomes heavily involved in the drug scene, particularly cocaine. He forms a close friendship with his fellow porn star Reed Rothchild, as well as a romantic relationship with porn actress Amber Waves, who takes on a maternal role in his life.
However, as Dirk's success grows, so does his ego and his drug addiction. He becomes increasingly reckless, engaging in dangerous behavior and alienating those closest to him. This ultimately leads to a downward spiral, as his relationships with his friends and colleagues begin to deteriorate.
Meanwhile, Jack Horner struggles to keep his production company afloat amidst changing trends in the industry, as video technology begins to replace film. The characters in the film grapple with their desires for fame, love, and success, as they navigate the highs and lows of the porn industry and the excesses of the 1970s.
The film explores themes of ambition, addiction, and the quest for success in a fast-paced, hedonistic world. It ultimately serves as a cautionary tale about the dangers of excess and the fleeting nature of fame.