Two sailors (William Haines and Cliff Edwards) are leaving the US Navy after 10 years. In their spare time, one of them (Haines) invents a carburetor that should increase the speed that powered boats will run, but all they succeed in doing is sinking the Admiral's barge. After discharge, broke and out of work, they find work with a boat builder who wants the fastest race boat in the world. They design the boat, carburetor and the engine but lack of money and the foreclosure of the business hinders their efforts to prove the new design.