A machinist's apprentice in Depression-era New York, David dreams of becoming the new Ronald Colman. Defying the wishes of his parents, David lands a nonpaying job in a seedy theatrical production directed by broken-down ham Marlowe.

An account of the rise and fall of a silent film comic, Billy Bright. The movie begins with his funeral, as he speaks from beyond the grave in a bitter tone about his fate, and takes us through his fame, as he ruins it with womanizing and drink, and his fall, as a lonely, bitter old man unable to reconcile his life's disappointments. The movie is based loosely on the life of Buster Keaton.