The three young men, scriptwriter Cecil, producer Ernie and director Joe, are initially excited about the prospect of working with Benny U Murdoch, a notorious and somewhat shady producer. But as they begin to flesh out the concept for their film, things start to go awry. Cecil, who has a penchant for penguins, struggles to write a script for an erotic film, while Ernie wants to make a western and Joe prefers a kung-fu movie.
Despite their differences, the trio manages to come up with a compromise that satisfies all their backers, with plans to shoot three versions of the movie with different casts and settings. But when Benny runs off with the budget, leaving the production in shambles, Cecil, Ernie and Joe are forced to improvise and shoot the three films simultaneously with nearly no money and a lot of luck.
To make matters worse, a conservative group called the "Clean Up Filth" society is threatening to shut down the production if they don't meet certain moral standards. In an effort to avoid their interference, the trio decides to shoot the explicit scenes in secret, leading to a number of comical mishaps and close calls.
As the production lurches from one crisis to another, the three friends are forced to rely on each other more than ever, juggling multiple sets, stars and storylines while trying to navigate the uncertain landscape of the film industry. In the end, they manage to pull off the impossible, creating a film that somehow satisfies everyone's expectations while staying true to their own unique vision.