On the last day of school in 1976 in a small Texas town, incoming high school freshmen prepare for a pivotal rite of passage: a hazing tradition upheld by the soon-to-be seniors. As the sun sets, the year's crop of freshmen boys find themselves dodging the older students, who are hunting them down with paddles for ritualistic spankings, while the girls are subjected to their own set of embarrassing initiation rituals. Amidst this, the adventures of various groups of teenagers intertwine as they look forward to the freedom and possibilities that summer offers.

As night falls, the focus shifts to a planned end-of-year party that falls through because the host's parents catch wind of it. Undeterred, the students continue their search for the next best gathering, cruising the town's main strip, congregating at the local drive-in, and ultimately converging at the moon tower for an impromptu keg party. Careers, politics, and romance are among the topics discussed as the motley crew of characters seek connection and a sense of identity. Throughout the night, romances blossom and wilt, freshmen learn to navigate the social dynamics of high school, and everyone shares the common goal of making the most of their youth before the inevitability of adulthood sets in.