The girls are hired to house sit at the Malibu beachfront mansion of the owner of the Cowboy Bill's chain of restaurants. While he is away for the weekend, the girls throw a beach party which gets gate crashed by a gang of bikers. The girls manage to clean the place up just in time, but the owner's talking pet parrot threatens to spill the beans.

Disappointed after not receiving the customary tri-monthly $5.00 raise, Laverne and Shirley write a nasty letter to their boss. At the end of the day, it is revealed that they DID get a raise, after all, but also that the nasty letter is sitting, unopened, on the boss's desk - waiting to be read the next morning. Desperate to save their jobs, Laverne and Shirley go home and try to hatch a plan to get that letter back, before morning.

The girls recruit Lenny, Squiggy, and Carmine to help them pull off this mission. Lenny and Squiggy will drive the getaway car, and act as lookouts, while Carmine, Laverne, and Shirley will sneak through the air vents, and make their way into the boss's office. They will carefully maneuver around the alarm system, retrieve the letter, and be on their way. No one shall be the wiser.

Of course, when they try to put the plan into action, our heroes run into some obstacles along the way, and quickly realize that this isn't going to be as easy as they thought.

After she has to miss a party because of her broken leg, Laverne sits at home alone and falls asleep while watching It's A Wonderful Life on TV. She then dreams what life would be like for her friends and her family if she had never been born.

When Laverne is convinced that she is jinxed after refusing to answer a chain letter, her friends send her a ""gypsy"" to help her.