Jimmy Durante dreams he throws a Hollywood party to buy lions for his Schnarzan movies in this musical comedy.
At a movie theater a preview of "Schnarzan the Conqueror" is shown, but the producer decides he needs real man-eating lions. He tells Jimmy Durante to entertain the Baron Munchausen with a party. Telephone operators sing "Hollywood Party" as guests get dressed for it. Oil millionaire Harvey Clemp (Charles Butterworth) arrives with his wife Henrietta (Polly Moran) and his daughter Linda (June Clyde). Robert Young announces the biggest Hollywood party ever and sends a drunk, who bothers him to the swimming pool. Chorus girls sing "Hello" to the Baron (Jack Pearl). Trying to gain access to money, a Greek duke (George Givot) makes advances to Henrietta and kisses her while her husband comments on his technique. However, Harvey is quickly flipped by Schnarzan's co-star (Lupe Velez), and he decides loyalty is better. Bob (Eddie Quinlan) and Linda sing "I've Had My Moments."
A professor takes the three stooges for Neanderthals. Durante sings "Reincarnation," dreaming he was a butterfly, Adam, and Paul Revere's horse. Harvey outbids the producer for the Baron's lions. Durante finds Mickey Mouse, who introduces a color cartoon called "The Hot Chocolate Soldiers" about a candy and dessert war; when the war is won, the sun melts the chocolate soldiers. Durante says he will go Don Juan one better by being Don Two.
Oliver Hardy and Stan Laurel bring a check from the Baron they could not cash in order to get their lions back. They keep ringing the doorbell until they get in. Oliver calls loudly for the Baron. Henrietta plays the piano and sings a reprise of "Moments" to Durante. At the bar Lupe Velez is refused any more drinks and cracks eggs with Oliver and Stan. When men come after them, Oliver and Stan run away and let loose the lions. Durante tells Henrietta he needs lions to fight as Schnarzan, and he is soon wrestling with one. During the reprise of "Hollywood Party" Durante is dreaming. His wife wakes him up to go to a party.
This satire of Hollywood is designed to be entertaining, and the comedy and music are mildly amusing, giving audiences a dream-like diversion from daily living.