Larry Laffer is a 38-year-old man, or 40 in the 1991 remake, who lives in his mother’s basement and has not yet lost his virginity. Tired of his lonely existence, he decides to travel to the resort city of Lost Wages in search of new experiences and the woman of his dreams.

He begins with only an out-of-style 1970s disco-era leisure suit and $94 in his pocket. Along the way, he encounters four possible women: a nameless, seedy-looking prostitute; Fawn, a club-goer of low moral fiber; Faith, a receptionist who is faithful to her boyfriend; and Eve, a bathing beauty who is Larry’s ultimate goal.