Three movie genres of the 1930s, boxing films, WWI aviation dramas, and backstage Broadway musicals, are satirized using the same cast.

While investigating the death of a friend and fellow cop, Los Angeles police officer Barney Caine stumbles across evidence that Nazis created a synthetic alternative to gasoline during World War II. This revelation has the potential to end the established global oil industry, making the formula a very valuable and dangerous piece of information. Eventually, Caine must contend with oil tycoon Adam Steiffel, who clearly has his own agenda regarding the formula.