Gordie Boggs (DAVID ARQUETTE) and Sean Dawkins (SCOTT CAAN) are two young Wyoming men who spend their days cleaning out septic tanks and porta-potties while dreaming of being like their professional wrestling idol, Jimmy King (OLIVER PLATT). Both still live at home - Gordie with his cop father who thinks his dreams of becoming a wrestler are foolish and pressures him to join the rest of the family in law enforcement - and thus when WCW Monday Nitro rolls into town, the two think they've died and gone to Heaven.
For not only do they get to see the sexy Nitro girls - including Sasha (ROSE McGOWAN) - but they also get the privilege of being in the same building as their idol. Unfortunately for them and King, WCW promoter Titus Sinclair (JOE PANTOLIANO) has decided it's time for King's reign to be over and instructs the champ's opponent, Diamond Dallas Page (DIAMOND DALLAS PAGE) to defeat him in a most physical way.
Disheartened over his loss and being thrown out of the league, King becomes a recluse, much to the dismay of the equally unbelieving and upset Gordie and Sean. After an accident causes them to believe destiny is controlling their lives, the two young men decide to seek out King and restore him to his thrown. Unfortunately, he's less than enthusiastic about the idea, but they eventually convince him and opportunistically set up a "cage" rematch with Diamond Dallas.
Realizing that they have less than a week to get King back in shape for the match, Gordie and Sean seek out the help of various people, including King's former wrestling partner, Bill Goldberg (GOLDBERG), and legendary wrestling coach Sal Bandini (MARTIN LANDAU), to prepare the ex-champ. As the big day nears, the unlikely threesome faces various obstacles while attempting to re-crown King.