Adam (Trevor Morgan) and Kevin (Lou Taylor Pucci) are two pledges to the Sigma Zeta Chi fraternity. During their initiation night, their task is to rob a convenience store, which is really just a prank set up by the frat leader Frank (Jon Foster) in order to test them. However, things go wrong for Kevin and he ends up getting shot by a store clerk, Mike (Arlen Scarpeta), also a high school friend of Adam's.
Instead of taking Kevin to the hospital, they take him back to the frat house until they can decide how to keep themselves out of trouble. When Mike doesn't want to cooperate, they take him hostage, beat him, tie him up in the basement and attempt to blackmail him with a story of how he raped a girl back in high school. Mike denies it, but he does reveal he used the confusion of the prank robbery to steal some money from the store safe for himself.
After some close calls during the night - with a group of sorority girls seeking revenge for an earlier prank, and a former brother-turned-cop who decides to turn a blind eye to the whole thing - Frank finally agrees to take Kevin to a hospital; in order to keep quiet, Mike demands they return the money he stole so he won't get blamed for stealing it. Adam agrees. Afterwards, with everyone in the clear, he decides he wants out of the fraternity. The brothers start beating on him, until someone remembers a drunk pledge who got locked in a car trunk and forced to drink alcohol during the night. They find him there, dead.
With no way to cover up the incident, Adam calls the cops, tells them the whole story, and has the frat brothers all arrested, while Kevin recovers in hospital.