At the Krusty Krab, SpongeBob shouts "Eight doubloons! I'm rich!" Upon hearing this, Mr. Krabs jumps over to SpongeBob, saying "I saw it first!" He then realizes that SpongeBob and Patrick are playing a board game, and that SpongeBob does not have any physical dub loons. Patrick tells him the name of the game (The Flying Dutchman's Treasure Hunt), and that it's based on a real treasure hunt. Mr. Krabs wins 17 times in a row, and SpongeBob wants to go home and sleep. However, Mr. Krabs seems to be addicted to the game, and keeps on persuading him to play more. SpongeBob goes to sleep, and the next morning he sees Mr. Krabs in a pirate ship. Mr. Krabs tells him that he's on a treasure hunt, and SpongeBob and Patrick decide to join him. They learn how to be pirates, and crash the boat in doing so. They follow instructions, until they get to the two-leaved seaweed (It actually has three, but Mr. Krabs pulls off a leaf so it only has two). Mr. Krabs also tells them that they're not allowed to look at the map. The map tells them to go 10,000 paces east, and Mr. Krabs asks Patrick which way is east. He looks at a compass, and points west. After 10,000 paces, there is nothing, and Mr. Krabs says "But we did everything the map said! 10,000 paces east!" Patrick immediately replies "Oh. East? I thought you said weast!" Mr. Krabs says "Weast? What kind of compass are you reading?" "This one, sir." Mr. Krabs grabs Patrick's compass and says "That's west, Patrick. You're fired again."
After going around 9,552 paces east, they set up a camp. Patrick and SpongeBob look at the map. They realize that it's their board game taped to a piece of old paper. Mr. Krabs catches them, and they beg for mercy outside. However, they find the 'X', and start digging. They find the treasure, but Mr. Krabs wants it all for himself and they argue. The Flying Dutchman is woken up, and congratulates SpongeBob and Patrick for saving him "a lot of digging".
He keeps the treasure, but gives them two gold dub loons. Mr. Krabs asks for a reward (because he is the captain), but only receives a tiny plastic treasure chest (but it's based on a real treasure chest).
SpongeBob and Patrick board a bus to get home from Glove World, a glove-themed amusement park. They have apparently gotten on the wrong one and head off a large cliff. The cliff leads to a sort of aphotic zone called Rock Bottom, inhabited by anglerfish-like creatures. Patrick gets on a bus home but accidentally leaves SpongeBob behind. After several unsuccessful attempts to get on the bus, he heads to the bus station and gets in a very long line. By the time he gets to the front, he finds out that the last bus to leave for the night is already gone, and he's stuck there until morning. He gets scared by a raspberry sound coming from nowhere, and he dashes back to the cliff. The raspberry sound's maker reveals himself to be a friendly-looking anglerfish creature, who has SpongeBob's balloon from Glove World. The creature blows up the balloon, ties it to SpongeBob's wrist, and allows him to float up the cliff and back to Bikini Bottom. Unfortunately, Patrick thinks SpongeBob is still in Rock Bottom and goes back; causing bad luck for Patrick!