The Sandman decides that humanity might stop its warring and fighting if it had a five-hundered-year-long nap, but his sleep dust causes dreams to come to life, creating havoc for the Ghostbusters!

Peter's father stumbles upon a strange artifact in the Artic; a block of black ice containing a fire demon that was captured ages ago. Unfortunately, he and phony psychic Doctor Bassingame later unleash the demon into New York City!

Peter's con man father arrives in New York, peddling phony ghost-repellent ponchos. Meanwhile, a seafaring expedition disappears at sea in the New Jersey Parallelogram. To save the ship – and Peter's father – the Ghostbusters enter a very weird and dangerous dimension.