While trying to impress Sara, a girl that he likes, Mark decides to drink at Lorena's graduation party. He's too drunk to drive home, but does, and that leads to Sara ending up in the hospital and Mark ending up in jail. Meanwhile, Jake and Tiffani have to finish a class project or they won't graduate. The gang also finally get their diplomas from the Principal.
The gang decides to rectify the thing that they most regret doing or not doing during their time at high school. Sly's biggest regret is never telling Lorena that he has feelings for her. He tries to fix the problem by sending her anonymous love letters. Tiffani's biggest regret is being mean to a boy that asked her out freshman year. While, Sam and Tony regret not competing in the dance contest. Mark regrets letting the school's gym teacher get to him and Jake regrets not playing the bagpipes in public.
Tiffani, Sly, Mark, and Lorena, become extras on the television show ""Babewatch"" that films in their area. Sam also gets a job working on the show, and one of the crew members takes a liking to her, causing Tony to become jealous. Jake also gets a job working for the show as the assistant to the producer.
During the contest for Prom King and Queen, Jake and Tiffani tie Tony and Sam for the crowns. The competition between the two couples starts getting way out of hand. Meanwhile, Mark tries to ask a girl to the Prom and Sly books the band for a gig on the day of the Prom. - The gang ends up getting stranded in the woods before they make it to the Prom.
Feeling neglected because his dad never spends any time with him, Sly starts to gamble. His gambling gets too out of hand when he ends up losing the bands equipment. The band has to figure out how to fix the relationship between Sly and his father. Meanwhile, Tony is on the Senior Awards committee and can't keep the fact that Jake is going to be awarded with the Himalaya Award (an award that is given to the most unique senior) a secret.
Jake gets chosen to be followed around by the TV show ""Reel Teens"" for a week. The purpose of the show is to show how real teens deal with stress, school, and overall life. The show follows Jake as he fixes Tiffani's car, writes a new song for the band, and the stress becomes overwhelming for Jake.
Sam becomes the new president of the Honor Society at school. Since Tony isn't a member, he never seems Sam because she's busy with activities involving the Honor Society. Tony decides to cheat on a test in order to be able to join Sam in the club. Harvey Cramdon, the old Honor Society president, will stop at nothing to get his old position back.
Sly gets a job working as a used car salesman at a store run by Gem Diamond. Sam comes to buy a used car and in order to make a sale, Sly sells her a bad car. Not being a very good driver, when Sam comes to return the car, she drives it right into a telephone pole. Meanwhile, Lorena pretends to be interested in Mark in order to help him get another girl's attention.