 Mitch, Frank and Beanie are disillusioned with their personal lives begining when Mitch s nymphomanic girlfriend, Heidi, cheats on him, then former party animal Frank gets married, but unwilling to get go of his wild life, and Beanie is a family man seeking to reclaim his wild and crazy youth. Beanie suggests that they form their own fraternity in Mitch s new house on a college campus to re-live their glory days by bringing together a variety of misfit college students, losers, middle-aged and elderly retirees as their new friends and later try to avoid being evicted by the new Dean of Students, Pritchard, whom still holds a personal grudge against all three of them.