Mitch Martin (Luke Wilson) has a job and a serious girlfriend. However, after coming back from a business and finding out she takes part in orgies he wants nothing more to do with her and rents a house on the local college campus which becomes the headquarters for his fraternity. A number of Mitch’s friends get kicked out of their houses and end up at Mitch’s new place. Bernard Campbell (Vince Vaughn), one of Mitch’s best friends throws a party for him so that he can forget about his ex-girlfriend. The party is an amazing success and puts Mitch and his friends at the top of the college social scene. Frank “The Tank” Ricard (Will Ferrel) a friend of Mitch gets drunk and streaks at the party; his wife sees him and he moves into the house as well.