After Brian (Brad Genesse), Steve (Lance Van Der Kolk), Hugh (Alan Deveau), and Marvin (Jason Warren) engage in one too many crazy hijinks (most of which are centered around trying to score with Mona [Cynthia Belliveau] or see her naked), Principal Arsenault (Mike MacDonald) expels them all from Cockswell Academy, denying them their high school diplomas.
The quartet decide to get back at him for that, so with the help of some female students they seduced they sneak into the academy’s auditorium that night and make some unseen modifications to the statue of school founder J. Peter Cockswell, which is scheduled to be unveiled at the Founders Day celebration the next day.
At the celebration in which the Chairman of the Board of Education (Ron Clifford) (who is also a descendant of Cockswell’s) is in attendance Arsenault shows off the statue and tries to play a short film outlining the history of the academy. However, the quartet kick off their revenge plan by first having their female accomplices replace that film with one they secretly shot of Arsenault and Mona having some sexual fun, causing the Chairman to fire both Arsenault and Mona on the spot. The accomplices then activate the modifications the guys have made to the statue, and the statue starts acting funny and emits an aphrodisiac smoke onto the stage. The exposure to it causes two female teachers to start making out with Arsenault and Mona to do a striptease.
Finally for truly no good reason at all pyrotechnics explode out of the statue, and the lights go out. When they come back on, the guys are onstage, and they perform a pop song to end the movie (though they are clearly lip-syncing and not playing their own instruments).
Thanks Tornado Dragon!