A botched magic trick leaves the Beavers completely fur-less and tied to a pole. Faced with the embarrassing task of getting back to their dam, Dag freaks out. Norb, however, revels in his nakedness, pushing his brother to get over his hang-ups. Eventually Dag does, with the help of a cheerful song about furlessness they learn from a herd of singing sheep.
Seeking to earn money for a set of cool rubber horror-movie masks, the Beavers become waiters at a fancy French restaurant. Disaster ensues as the boys misinterpret both the diners' and head waiter's requests. Fortunately for them, it's a French restaurant, so the patrons expect abuse from their waiters.
A monster storm washes the Beavers out of their dam and strands them in a scary Dixieland bayou. At first, Norbert dismisses Daggett's fears about the swamp, but soon the two are running for their lives, pursued by zombies, a Swamp Witch and a man with an alligator head who want their beaver teeth for a special voodoo potion.
Daggett accidentally wins a magic bowling ball from the mystical Lady of the Lanes. Now able to hit a strike on every throw, he winds up in a high stakes tournament to free the bowling alley from the bowling, bullies, the Otto Brothers. However, he needs his brother's help to win, and Norbert wants no part of the game because of a bowling trauma he suffered years before.
Daggett and Norbert vie for their baby sisters' affection when the two girls are left in their care for the weekend. While self-proclaimed child care expert Dag maps out a detailed itinerary of ""fun"" stuff to do, Norb kicks back and lets them do what they want. Neither plan works, and pandemonium reigns.
Daggett and Norbert discover an enormous fish egg worth a bazillion dollars (and that's a lot!). The situation turns ugly when gold-fever hits the boys. Each beaver tries to steal the egg for himself, upping the ante each time, until they learn a lesson about greed at the hands of the fish egg's mother.
While on their way to a local sports coliseum, Daggett annoys the bus driver who accidentally drives the bus through "a hole in the fabric of space and time." The boys end up at the real Roman Colosseum, where Daggett picks so many fights both beavers are forced to become gladiators. After surviving man-eating lions and the dreaded Two-Eyed Cyclops, the Beavers lead Caesar's army on a madcap chase that topples Rome.
When Norbert takes the rap for Daggett and gets sentenced to some "hard time" at the zoo, a guilt-ridden Dag vows to break him out. The zoo, however, turns out to be an idyllic, Club Med-style resort for animals. Dag's various harebrained rescue attempts eventually "succeed," totally destroying Norb's zoo paradise.
The forest is invaded by the Beavers' mortal enemies: lumberjacks. But these guys don't just cut down trees--they sing musical theater as well! After several failed attempts at dispatching the loggers, the Beavers challenge them to a winner-takes-all Timb-O-Rama that levels the entire forest. Daggett and Norbert win, but are left treeless.