Frasier is in Cafe Nervosa on a date with an attractive woman named Nancy. Roz is unaware that the two are together and barges in at their table. She tells Nancy about a great guy she wants to set Nancy up with, only to be given heavy hints by Frasier to clear out. Right after this, Niles crashes their date as well, talking about his pending financial settlement with Maris. Finally Niles gets the message as well, and Nancy and Frasier make plans to see one another again soon.
Frasier and Niles return to Frasier's place following a squash tournament. In his bag, Frasier finds an extravagant gift - beautiful cuff links - and a note from an unsigned person saying she wished she'd never let him go. As Frasier goes through the list of who the sender might be, Niles, Daphne, and Martin roll their eyes and head out. Frasier begins to make phone calls to old girlfriends in order to find out who his secret admirer is.
At Cafe Nervosa some time later, Frasier is given a gift by the waitress for "Dr. Crane." Martin and Niles are there to witness him open up an expensive pocket watch that Niles once said he'd admired while on his honeymoon. Frasier suspects the gift is from his old girlfriend seated not far away. While he goes to freshen up in the men's room, Niles discovers a note in the box - the "secret admirer" is actually Maris, and the gifts were intended for Niles. Enraged, Niles runs off to tell Maris he can't be bought with cheap tokens.
The evening of Frasier and Nancy's date arrives, and everyone clears the house so he can have an intimate dinner alone. While he's pouring the wine, Frasier gets several phone calls from the old girlfriends he had dialed. Nancy can't believe his two-timing ways, but Frasier promises her he's interested in no one but her.
As he pursues her to the elevator, another woman steps out of it and tells Frasier she's thrilled to have gotten his note under her door. With Nancy temporarily distracted inside, Frasier shuts the door and tries to set something up with this woman. Caught in the act, Nancy tells him off, then this other woman does too, realizing he was playing her as well. The two storm off together in the elevator.
The final scene finds the three Crane men in Niles' place, lamenting the fact that Niles' final gift from Maris was a threat, encased in the shredded financial agreement. Frasier is mourning the fact that he lost two women at once. Martin offers to take them both for ice cream, just like when they were kids.