Bob McGraw is a perpetual college student, now in his twelfth year, coasting through life with little direction. Alongside his fellow underachievers, Irwing, Gonzer, and Max, Bob is coerced and incentivized to compete for their university in a college raft race. Throughout the competition, they encounter a mix of allies, including the charming Heather Merriweather, but mostly adversaries, such as a squad of marines and a group of competitive Ivy League students who are set on victory.