The episode starts with Rachel explaining to Phoebe that her hormones are acting up and that she keeps on feeling attracted to people she wouldn't normally be attracted to.
In Central Perk, Ross and Mona are looking at the pictures of when they were ice-skating. Ross brings up the topic of holiday cards and Mona asks whether they want to send out a holiday card together, Ross is shocked because only married couples send out cards together.
At work Chandler's boss asks Chandler and Monica to go out for the evening with him the next day. Monica tells Chandler they have to think of an excuse not to go.
At Ross' apartment, Mona draws up plans for the holiday cards but Ross feels uneasy about doing so saying he's not sure they are quite 'there' in their relationship. Mona asks him where there relationship is going however. To avoid the conversation Ross agrees to do the card.
At hospital Rachael meets a handsome doctor and flirts with him which he doesn't take too well. At Central Perk Rachel explains to Phoebe and Monica the problems her hormones are giving her. Ross enters in a depressed mood. He doesn't like the holiday card idea or the question Mona posed him. He wants to think of a way of expressing his feelings to Mona without getting her upset.
Chandler tries his best to explain to his boss why he and Monica can't go out for the evening with him. He finds the only way of getting out of the situation is to say him and Monica had split up. His boss then decides that he and Chandler should go out to a strip club.
Ross tells Mona it's about time he had the conversation she wanted to have. He doesn't want the relationship to go any further but can't say it without hurting her feelings. He can't give her a straight answer so in a desperate attempt to keep her he gives her a key to his apartment, but it's his only key.
At the strip club Chandler's boss tries to get Chandler to throw away his wedding ring as a sign of getting rid of his lost marriage.
Ross is talking to a locksmith at his apartment. Ross is getting his locks changed when Mona walks in. She doesn't understand and he says "I love you."
Chandler returns home and explains how horrible his time with his boss was. He then tells her that he doesn't want to ever be apart from her.
At their apartment Rachel explains how frustrating her hormones are to Joey. She says she just wants 'sex with no strings attached.' She accidentally says it directly to Joey horrifying him. She then explains she didn't mean it to be directed at him because it would be wrong as they have been friends for so long.