Jerry Starks (Lou Diamond Phillips), a washed-up TV star best known for his role as “Detective Phantom” in a short-lived ‘80s paranormal cop show, is desperate for a comeback. His attempts to break into serious acting have failed, and he’s left hosting infomercials at 2 a.m.
One day, Jerry gets a wild idea to reboot his career by creating a paranormal reality show, Specter Management Inc., where he and his former co-stars pretend to rid haunted places of “ghosts” using over-the-top gadgets and cheesy catchphrases. Hoping to recreate the magic of their TV glory days, Jerry convinces his old castmates—Linda (Shannon Elizabeth), Rick (Judge Reinhold), and Frankie (Jaleel White)—to join him. Linda, now a self-help influencer, sees this as a chance to rebrand herself, while Rick is bitter that he never got the recognition he thought he deserved. Frankie, the show’s old FX specialist, reluctantly agrees, dreaming of proving his “genius” in practical effects. Despite their reservations, they all join in, driven by a mixture of nostalgia, desperation, and delusion.
Jerry calls in the only person he knows who still has the old props and gadgets from their show—Crazy Eddie (Gary Busey), their ex-stunt coordinator, who’s been tinkering with outdated ghost-hunting equipment in his basement. Eddie eagerly signs on, convinced that the supernatural is real and this is the moment he’s been waiting for all his life.
The group heads to an abandoned mall, rumored to be haunted, for the pilot episode. During their initial filming, the team hams it up for the cameras, overacting as they pretend to sense ghostly presences. Frankie’s makeshift special effects are laughably outdated—think fishing wires and smoke machines. However, things take a strange turn when some of their props actually start working, and objects move seemingly on their own. The crew initially attributes this to Eddie’s “upgraded” equipment, but the reality soon dawns on them: they’ve accidentally opened a portal to the afterlife. Instead of panicking, the team sees this as a golden opportunity to film the most realistic ghost footage ever. They lean into the chaos, thinking that whatever they capture will go viral and revive their careers. But as the hauntings grow more intense, they realize they’re dealing with real paranormal entities. Eddie insists on taking the lead, using his bizarre gadgets that are more dangerous than functional, while Linda and Rick bicker over who gets the most screen time. Complicating matters further, an old scandal between Jerry and Linda resurfaces when she accuses him of stealing her lines back in the ‘80s. Rick believes he’s destined to be the “hero” of the story, so he keeps trying to direct the action, turning every ghost encounter into an opportunity for a dramatic monologue. Frankie, meanwhile, is focused on capturing the best angles, completely oblivious to the growing danger. As the portal to the afterlife widens, the mall becomes overrun with cheesy ghosts reminiscent of ‘80s special effects—think neon outlines, glowing eyes, and lots of smoke.
Despite the growing threat, the group clings to their dreams of a comeback, convinced that if they just make it through the night, they’ll be internet legends. However, the chaos comes to a head when a poorly rendered CGI demon breaks free and begins wreaking havoc. In the film’s climax, the actors are forced to confront the reality of their situation. Dressed in their old TV costumes and armed with Eddie’s questionable gear, they band together to take on the demon in a sequence that mixes slapstick humor with over-the-top action. After an accidental “victory” involving Eddie’s malfunctioning ghost vacuum and a conveniently placed fountain, the demon is sucked back into the portal, and the rift between worlds is closed. As the dust settles, the footage they captured somehow gets leaked online and becomes an overnight sensation. The crew wakes up the next morning to find themselves trending on social media, hailed as heroes by nostalgic fans who think the entire ghost-busting ordeal was a brilliantly executed prank. They’re offered new deals, endorsement opportunities, and the possibility of an actual TV reboot. In the final scene, the team stands at the entrance of a sleek studio building, ready to discuss their new show. But before they walk inside, Eddie looks at them with a knowing smile and says, “This ain’t over. The ghosts are still out there.” The group laughs, thinking it’s just Eddie being Eddie, as the camera slowly zooms out to reveal a spectral figure lurking in the background.
