Brady, Claire, Duncan and Annabelle's dog are the only ones who make it out of the lake alive after they give the crocodile her baby back.
A bunch of college kids go to a large lake for spring break. This includes couples Claire (Caitlin Martin) and Brady (Mark McLachlin, Annabelle and Kit, Annabelle's dog, and friends Duncan (Chris Solari), Sunny (Sommer Knight), Hubs and Foster. Claire dislikes Duncan, whom she blames for getting Brady expelled. The group plans to party on Kit's boat. They are warned by the Sheriff to be careful on the lake, but blow him off.
Their first night on the lake, Kit tells his friends the story of a man who brought a giant monster to the lake. The others laugh at him and discount his story. Meanwhile, two local fisherman stumble upon a nest of eggs and begin smashing them. This turns out to be a bad idea as a giant mama crocodile emerges from the lake and kills them both (but only one egg remains unbroken). The crocodile then pushes the fishermen's car into the lake, apparently to hide her murder of them.
The next day, the guys are playing football in the lake, unaware that they are near the crocodile's nest. Duncan is being constantly bitten by mosquitoes and continuously applying bug spray. Hubs stumbles upon the remaining egg and, annoyed with Claire's superiority complex, hides the egg in Claire's backpack as some sort of joke. That night, Sunny gets drunk and reveals that she hooked up with Brady. Claire breaks up with Brady and the group dynamic is shaken. In the night, Hubs walks alone on the dock where the boat is moored while the others sleep on the boat. The crocodile leaps out of the water and eats both him and the dock, thus setting the boat adrift. When the group wake up, they find the boat stuck in the reeds and Hubs missing (they assume he simply was not on the boat when it became unmoored).
Kit and Foster try to free the boat from the reeds while Brady wanders off to be by himself. Sunny follows Brady and tries to seduce him, but the pair are attacked by the crocodile before anything happens. Brady and Sunny escape and run back to warn the others. The crocodile attacks the boat and eats Foster. The boat sinks, stranding the others on land.
In the meantime, the Sheriff finds the remains of the fishermen and later, Hubs. He goes to the local crocodile farm, which is run by a man named Shurkin. Shurkin and his assistant confirm that the remains are from a crocodile and explain that the croc is not killing these people for food (as it would have eaten them and left no remains if it were). It is also revealed that the crocodile has eaten several of Shurkin's ancestors and that he wants revenge. Shurkin resolves to help the sheriff find and kill the crocodile. The pair also tell the sheriff about a crocodile's "death roll." A death roll happens when a crocodile bites its prey and then spins with such force that all of the prey's bones break and joints dislocate before the crocodile eats the prey.The assistant sneaks off and it is revealed he knows the crocodile's location and has been feeding it chickens behind Shurkin's back. The assistant asks the crocodile to kill Shurkin and the Sheriff so that he can take over the farm, but is eaten for his troubles.
The crocodile eventually tracks down the group on land and kills Sunny, Kit and Annabelle. It also bites Duncan's leg, forcing Brady and Claire to push him around in a wheelbarrow. The threesome and the dog cross paths with the Sheriff and Shurkin in a boat and think they are saved, but the crocodile attacks again before the rescue is complete. Shurkin and the Sheriff open fire. The crocodile doesn't care and kills them both, giving Shurkin a death roll to boot. The others escape back to land in the ensuing mayhem.
Claire finally finds the egg hidden in her backpack and Brady develops a plan (that Duncan objects to) to blind the crocodile and then stab it to death with sharpened sticks. Duncan also reveals that he did cause Brady to be expelled (and ostensibly, this admission allows Claire and Brady to patch things up, though this is never shown). The crocodile attacks and Brady's plan fails miserably, with Duncan being swallowed while trying to blind the croc. The crocodile ends up spitting Duncan back up, however, due to having an adverse reaction to all the bug repellent he had applied to himself. Claire sees the egg hatching and offers to return the hatchling to the crocodile. The crocodile accepts her offer - it takes its baby and leaves the trio and dog alone. The three are relieved to be alive as the credits roll.
Thanks Evan B!