Buddy Young was the comic's comic, beloved by everyone. Now, playing to miniscule crowds in nursing homes, it seems like everybody but Buddy realizes that he should retire. As Buddy looks for work in show business, he realizes that the rest of the world has forgotten the golden days of Buddy Young, and that there just may not be room in the business for an old comic like himself.
A young boy is scared of the monster under his bed. He asks his 6th grade brother to swap rooms for the night as a bet that the monster really exists. Soon the brother becomes friends with the monster and discovers a whole new world of fun and games under his bed where pulling pranks on kids and other monsters is the main attraction.
Count Dracula adjourns to Earth, accompanied by Frankenstein's Monster, the Wolfman, the Mummy, and the Gillman. The uglies are in search of a powerful amulet that will grant them power to rule the world. Our heroes - the Monster Squad are the only ones daring to stand in their way.