Set in the 1970s, the story revolves around two dysfunctional families in suburban Connecticut. The Hood family is led by Ben and Elena, while the Carvers consist of Jim and Janey. Beneath their seemingly perfect exteriors, both families grapple with discontent and infidelity. Ben is having an affair with Janey, complicating both marriages and further straining already tense relationships. Meanwhile, the Hood children, Paul and Wendy, are struggling with their own adolescent issues as they navigate love and sexuality. Paul obsesses over his classmate Libbets and tries to win her affections, causing friction with another friend, while Wendy experiments sexually with both Carver sons, Mikey and Sandy.

As Thanksgiving approaches, simmering tensions and hidden secrets start surfacing. The chaotic family dynamics culminate in a key-swapping party that pushes boundaries and tests relationships. In the midst of this personal turmoil, a literal ice storm hits the town, symbolizing the emotional freeze and turbulence enveloping everyone involved. The storm forces each character to confront their vulnerabilities, leading to unexpected and dramatic consequences.