The gang that created Airplane! and The Naked Gun sets its sights on Top Gun in this spoof. Topper Harley is a talented but unstable fighter pilot with an axe to grind: clearing the family name. His mission is to avenge his father and save a mission sabotaged by greedy weapons manufacturers. He also gets involved in a relationship with Ramada Thompson, a woman with an unusually talented stomach. Hot Shots! makes fun of a variety of other films, from Dances with Wolves to The Fabulous Baker Boys.

A young and impatient stockbroker is willing to do anything to get to the top, including trading on illegal inside information taken through a ruthless and greedy corporate raider, whom takes the youth under his wing.