One night during closing, SpongeBob finds an old, moldy Krabby Patty under the grill. Mr. Krabs forbids him to make another one until it is sold, causing the restaurant to go for weeks without customers. When the penny-pinching crab takes a bite from the patty, he ends up in the hospital with a potentially fatal case of food poisoning. Mr. Krabs makes a deal with the Flying Dutchman that he can keep his soul if he promises to never be cheap again, a deal he’s good about upholding for a while. But when Mr. Krabs loses all of his money, he finds the deal too hard to uphold.

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Patchy discovers a tape containing a lost episode of SpongeBob SquarePants. In the episode, SpongeBob tries to gain the ability to happily soar in the sky so he can fly with the jellyfish, but everybody laughs at him. SpongeBob figures out how to fly (using inflated pants), and the Bikini Bottom citizens take advantage of him, because they think he should do favors for them because he can fly. Cannon Ball Jenkins pops SpongeBob’s pants and he learns he can fly without the pants but with a little help from the jellyfish. In the end Patchy ruins the tape so the lost episode will always be lost.

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Mr. Krabs has hit his mid-life crisis, so he decides to tag along with SpongeBob and Patrick when they have a night on the town, hopeful that he will gain back some of his rebellious youth. However, it is quickly seen that SpongeBob and Patrick’s idea of a wild night is anything but wild, or even cool.

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Squidward purchases a purebred snail named Snellie, with the intention to race her in Bikini Bottom’s biggest snail race, the Running of The Snail, the sea’s equivalent to horse racing’s Kentucky Derby. In fact, the race’s name is a play on the Derby’s nickname, “The Run for the Roses.” A snide remark that Gary is a mutt has SpongeBob promising Squidward that Gary will be in the race, too. But the sponge’s competitive nature causes him to train his snail too hard. Meanwhile, Patrick decides to enter into the race what he thinks is a snail, but is really a rock. The race’s end has a surprise winner, and the establishment of Bikini Bottom’s newest couple.

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Mr. Krabs earns his millionth dollar, and rewards SpongeBob and Squidward by taking them clam fishing for the weekend. A major problem soon arises, as Mr. Krabs loses his millionth dollar. The mishap sends him over the edge, as he forces SpongeBob and Squidward to find the dollar, telling them they can’t leave until its found. To show he’s serious, he tosses all of their food overboard, leaving only one sandwich, in a parody of Herman Melville’s classic, Moby-Dick. The episode also spoofs Steven Spielberg’s film Jaws.

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Patrick tells SpongeBob that he is bored whenever he spends the day at boating school, so SpongeBob lets the starfish tag along. Unfortunately, this only leads to trouble, as Patrick’s antics during class get SpongeBob sent to the back of the room, and costs him one of his “good-noodle stars.” SpongeBob’s anger leads to a lame excuse for a fight in the hallway between he and Patrick, getting them sent to detention after school.

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