Madison, Indiana, 1971. The Ohio river port is in full economic decline, its last pride and obsession being its uniquely town-owned power boat, although the raggedy old donation from a millionaire decades ago never comes close to a win. With his doted son Mike as most devoted fan, air-conditioner repairman Jim McCormick, who had to stop piloting it after a near-fatal accident, devotes all his 'spare' time to it, turning down professional opportunities as that would mean moving, as his wife suggests. Things climax when he realizes the town will either be scrapped from the national racing circuit or host the Gold Cup itself, requiring $50,000 fund raising.

Meet Howard Langston, a salesman for a mattress company is constantly busy at his job, and he also constantly disappoints his son, after he misses his son's karate exposition, he tries hard to come up with a way to make it up to him, this is when his son tells Howard that he wants for Christmas is an action figure of his son's television hero, Turbo Man. Unfotunately for Howard, it is Christmas Eve, and every store is sold out of Turbo Man figures, now Howard must travel all over town and compete with everybody else including a mail man named Myron to find a Turbo Man action figure, and to make it to the Wintertainment parade which will feature Turbo Man.