After Wayne (Mike Myers) publicly humiliates his sponsor Vanderhoff (Brian Doyle-Murray) on his TV show, Benjamin (Rob Lowe) fires Wayne from his own show, and Wayne leaves while Garth (Dana Carvey) is forced to go on without him and nearly has a nervous breakdown. Garth and Wayne break off their friendship, and soon Wayne and Cassandra (Tia Carrere) break up when he accuses her of sleeping with Benjamin so she could get her and her band Crucial Taunt their first music video. Wayne eventually reconciles with them both, and he, Garth, and their friends decide to aid Cassandra in getting her and her band a record deal.
Mr. Sharp shows up to Wayne's show, and though he commends Cassandra for her song, he refuses to sign her. She bitterly tells Wayne he screwed her career while Benjamin laughs, saying "I always knew you guys were small-time." Stacy (Lara Flynn Boyle) shows up and tells Wayne the reason she was so moody with him was because she was pregnant. Soon, an electrical fire occurs that burns Wayne's home to the ground. Cassandra ends up with Benjamin, and it shows the two lounging in a nice tropical climate.
However, Wayne and Garth show up and say the movie wasn't going to end that way, so they decide to do the "Scooby-Doo" ending
Mr. Sharp shows up to Wayne's show, and commends Cassandra for her song. Wayne goes over to Benjamin, who is being held by security, and he unmasks him to reveal it is Old Man Withers (Carmen Filpi) beneath. He says he would've gotten away with everything if it wasn't for them.
Not pleased with that ending, Garth says they should do the "mega-happy" ending. Wayne approves
Mr. Sharp shows up to Wayne's show, commends Cassandra for her song, and tells her to meet with him tomorrow to discuss a record deal. Elated, she tells Wayne she loves him and kisses and hugs him, Garth and his dream woman (Donna Dixon) profess their love to each other and kiss, and more love is spread around their friends. Benjamin tells everyone that he has learned his lesson.
Thanks Tornado Dragon!