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College buddies Ben (Gary Imhoff), Larry (Jeffrey Byron), Alan (Dennis Quaid) and Steve (Lou Richards) are nearing graduation. Terrified at the idea of actually having to work for a living in the "real world", they hatch a scheme to become graduate research students by obtaining a grant to study sexuality in college-age women. The guys open a phony sex clinic, and to their amazement, it becomes an overnight financial success. Despite their good fortune, the daily grind of "treating" pretty girls is too much to handle between just the four of them, so they open the clinic doors to businessmen who gladly pay to participate in the "research". So how can anything go wrong?