A Hong Kong fashion designer (Jean Claude Van Damme, if you can believe that billing) who had previously been involved in knock offs of major label merchandise, such as "Pumma" running shoes, attempts to go straight with the help of his new partner (Rob Schneider), who is secretly an undercover CIA agent involved in an investigation of the black market. Their main product, jeans, is involved in the knock offs, which brings a representative (Lela Rochon) of the American company to investigate. Paul Sorvino also appears as the head of the CIA operation in Hong Kong. However, just as Schneider is not as he initially seems, everyone in the film switches roles by film's end.

Follows the exploits of two car thieves, and the female police officer who is on their trail.

Nick Powell is an excellent high-school student who raises money by selling homework and results of quizzes to his schoolmates. He aims to travel to London for a writer's course - telling his best friend, Pete Egan, that he has already bought the airplane ticket but he has not told to his mother yet. Annie Newton has a problem with Pete, who owes money to her. As events unfold, due to a case of mistaken identity Nick takes a severe beating from Annie and her gang, his body dumped in a sewer. The next morning, he discovers he cannot be seen - he is now a spirit in a state of limbo and can only observe as the events of that day unfold.