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Five close friends: two investment Wall Street Brokers, a bartender, an actor/casting agent/gigolo and a professional hockey player for the New York Rangers decide to open a high class bar restaurant in the Upper West Side in a great spot in Manhattan. Unfortunately, they are slightly short on their dream and then they get into business with a mobster named Frankie Chips and his associate Jimmy as partners. Things get complicated when the bar isn't attracting people and a whole lot of shenanigans ensue involving a pair of chefs, powdered potatoes, Norman's womanizing and eventually changes his name to the cinematic Lawerence Norbade, Frankie Chips' inpatience and Rowdy's future as a hockey player is in doubt. Eventually and without Norman's involvement, the guys and Frankie Chips decide to turn the place into a "Cabaret" club filled with naked women and plenty of booze to not only make a profit but also make Frankie Chips happy and recoup their investment.