Bob McGraw is a perpetual student at Lepetomane University, known more for his antics than academic prowess. Alongside his equally underachieving friends, Gonzer, Irwin, and Max, Bob is coerced by Dean Burch to participate in an intercollegiate white-water rafting race, representing their school. Unbeknownst to Bob and his crew, this isn't a friendly competition; it's a high-stakes event with the winning school securing significant funding and prestige. Despite their lack of rafting skills, the group sets off, much to the amusement and chagrin of other teams representing top-notch institutions. Their primary opponents include the aggressive sports team from Ivy University and an all-female team with their own set of strategies.

As McGraw and his friends navigate treacherous waters, both literal and metaphorical, they face various challenges including sabotage from rival teams and internal conflicts. Their journey isn't just about surviving the race; it is also a path towards self-discovery, friendship, and confronting personal demons. Along the way, they encounter various quirky characters and unexpected allies. Realizing that teamwork and cleverness are their strongest assets, Bob and his friends must pull together, despite their differences, to have any hope of finishing the race and achieving something greater than themselves.