Paul and Anne White visit the Bahamas when their son Howard is scheduled to race in the local Grand Prix. Before the race a Gypsy woman gives Paul a monkey's paw which according to legend can grant its bearer three wishes. Paul is desperate for money and makes a wish for money. Unfortunately, he gets the money in the form of a insurance settlement when his son is killed in a fiery crash during the race. Anne is struck with grief and forces Paul to wish his son back to life. Paul does so, but soon regrets it when he realizes what condition his son will be in. He uses the third wish to send his son back to his grave.