Najboljši prijatelji Mitch, Frank in Beanie ugotovijo, da njihovo odraslo življenje ni niti približno tako zabavno, kot je bilo v času študentskih žurov. Ko se Mitch nekega dne razide s svojo punco in se nato preseli v hišo blizu študentskega naselja, ga Beanie in pravkar poročeni Frank prepričata, naj v hiši priredi zabavo. Toda zadeve uidejo iz nadzora in divja žurka razbesni njihovega nekdanjega sošolca Gordona Pritcharda, ki je zdaj dekan fakultete. Pritchard poskuša doseči, da bi Mitcha vrgli iz hiše, vendar se prijatelji znajdejo in ustanovijo bratovščino, zato Mitch lahko ostane. Njihova bajta postane najbolj priljubljeno zbirališče daleč naokoli, vendar nore zabave na prijateljih pustijo posledice, saj niso več mladostniki.
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 let 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.
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