Molly Gunn (BRITTANY MURPHY) is a rock and roll princess who's been living off the profits of her late parents. Spoiled and immature, she's never worked a day in her life and instead hangs out with her friends, Ingrid (MARLEY SHELTON) and Huey (DONALD FAISON). She also falls for an up and coming performer, Neil Fox (JESSE SPENCER), who uses her as his muse.
When the man controlling her trust fund takes all of her money and flees the country, however, Molly must get a job. Huey eventually finds her work with record executive Roma Schleine (HEATHER LOCKLEAR), as a nanny for her precocious daughter Ray (DAKOTA FANNING).
She's an uptight and beyond her years little girl who's built up a barricade around herself due to having an emotionally distant mom and a father who's in a coma. Accordingly, Ray and Molly instantly clash, but soon begin to help each other through their various issues and problems.